Kathmandu. Private sector organization Nepal Chamber of Commerce has suggested to the Nepali Congress to prioritize an investment-friendly environment and production-oriented policies in the budget for the upcoming fiscal year 2082/83.
In a program organized by the Industry and Trade Department of the Nepali Congress here today, the chamber gave various suggestions, including the problems seen in the industrial and commercial sectors and initiatives for reform.
Chamber of Commerce Acting President Deepak Kumar Malhotra handed over the suggestions to Congress President Sher Bahadur Deuba. The main reason behind the decline in the morale of entrepreneurs and businessmen is the burden of past problems, so the suggestion mentions the need for policy facilitation for an investment-friendly environment.
‘Since the financial risk-bearing capacity of the private sector is very low, it is not possible to take loans from banks and financial institutions to take additional risks and start new businesses,’ the press release issued by the chamber states.
It has been suggested that the Working Capital Loan Directive should be repealed to make the economy dynamic.
Acting President Malhotra said that despite the high investable amount in banks and financial institutions, loans have not been expanded. He also stressed the need to facilitate the existing cumbersome system of income generation for individuals when purchasing real estate and apartments.
The chamber has also suggested that a provision should be included in the upcoming budget to allow foreign citizens to purchase apartments to improve the deteriorating real estate business. Similarly, the chamber emphasizes the need to create an investment-friendly environment and implement production-oriented policies to reduce dependence on agriculture.
The chamber has also suggested removing the restrictions on land to attract foreign investment in agriculture. Similarly, the Chamber believes that the limitation on land has not attracted investment, and has created problems in mechanization and modernization.
The Chamber has also suggested that the Congress adopt a policy for the utilization of wasteland and create an environment for employment for the youth in the country.
To promote tourism in the country, it has been suggested that a Nepal promotion program should be organized at least once a year at the Nepali embassies abroad, and that a policy should be adopted to bring in more tourists by effectively operating the two additional international airports in the country.
Similarly, the provisions mentioned in the Energy Bill, the court rulings, and the Ministry of Forests The chamber has noted that the directives have posed serious challenges in the construction of hydropower projects.
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