FNCCI President Dhakal and IFC VP Lund meet, pave way for economic growth in Nepal

KATHMANDU: The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President, Chandra Prasad Dhakal, and IFC Vice President for Economics and Private Sector Development, Susan M. Lund, convened an important meeting at the FNCCI Secretariat in Teku, Kathmandu, on Tuesday.

The meeting aimed to foster collaboration and discuss ways to navigate the present economic challenges and boost development opportunities for small and medium enterprises (SMEs) in Nepal.

During the meeting, President Dhakal emphasized the critical role of IFC’s support in overcoming the current economic crises and propelling the growth of SMEs.

The discussions encompassed essential areas such as providing access to finance, hydropower and infrastructure development, and investment promotion, among others.

President Dhakal also acknowledged that the nation encountered economic hurdles due to the lack of adequate management following the COVID pandemic, impacting both the private sector and the public, who have borne the brunt of the economic slowdown.

Addressing the concerns raised by President Dhakal, Lund reaffirmed IFC’s commitment to collaborating with FNCCI for the advancement of the Nepalese private sector.

Lund expressed admiration for FNCCI’s recent initiatives, such as the launch of a report highlighting the significant contributions of the private sector to Nepal’s economy, as well as the successful organization of a small and medium enterprise conference.

She lauded FNCCI’s efforts in equipping SMEs with necessary skills to thrive in the competitive market landscape.
President Dhakal expressed concern over the impact of the challenging business environment on the government’s revenue collection and the high inflation faced by the public.

Acknowledging the crucial role of a conducive business environment, both FNCCI and IFC remain determined to work hand in hand to foster an atmosphere where businesses can flourish, leading to sustainable economic growth and prosperity for all.

Senior VP Anjan Shrestha, VP Duo Hemraj Dhakal and Jyotsna Shrestha, and Chairman of the Investment and International Affairs Forum, Manoj Poudel, also shared their valuable insights and expertise during the meeting.