Geneva : Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), stated that Nepal has made significant improvements in investment facilitation and expanding the formal economy. Addressing the 113th International Labour Conference held in Geneva, Switzerland, President Dhakal presented the recent reforms undertaken by Nepal.
Addressing the conference on Monday on behalf of employers, FNCCI President Dhakal informed the global community about the legal reforms for investment and the opportunities available in Nepal.
Representatives from governments, employers and trade unions from approximately 187 countries worldwide are participating in the conference. Dhakal, as the head of the FNCCI, an employers’ organisation in Nepal, informed that along with policy reforms, Nepal’s geological diversity and geographical location offer ample investment opportunities.
Stating that approximately 30 investment-related laws have been amended at the request of the FNCCI and a framework for the Bilateral Investment Agreement has been prepared, Dhakal urged participants to explore opportunities in Nepal. “Nepal is on the verge of graduating from a Least Developed Country,” he said, “But Nepali products will continue to receive duty-free access in countries like India and China, ensuring further opportunities in Nepal.” He stated that due to Nepal’s geographical location, there are abundant possibilities and opportunities for investment in agricultural products, hydropower and tourism sectors.
FNCCI President Dhakal also expressed happiness that Nepal’s efforts in formalising its economy have been praised on the world stage. The International Labour Organization (ILO) has published a report commending Nepal, Zimbabwe, Côte d’Ivoire, Uruguay and Namibia for their innovative approaches to expanding the formal economy. Dhakal also mentioned that the FNCCI, trade unions and the government are working together through a committee for the formalisation of Nepal’s economy.
Similarly, Dhakal urged for international participation in private equity, venture capital and climate finance. Discussing Nepal’s low greenhouse gas emissions and its role in mountain conservation, he emphasised the need for special support in market access, financial assistance and development cooperation for mountainous and island nations.
Dhakal also stated that the FNCCI is committed to creating decent employment and economic growth, and also informed that the FNCCI has established an FDI Help Desk to support investors. He also mentioned that they have signed a Memorandum of Understanding to strengthen cooperation with workers. Dhakal further stated that the FNCCI is ready to work with global partners to build a better economic future for Nepal and the world.
