Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Finance Minister Rameshwor Khanal has said that the government is actively working to boost the morale of Nepal’s private sector through policy reforms and administrative facilitation.
In a meeting with Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Chandra Prasad Dhakal, Confederation of Nepalese Industries (CNI) President Birendra Raj Pandey, and Nepal Chamber of Commerce (NCC) President Kamlesh Kumar Agrawal, Minister Khanal reaffirmed that the government is committed to creating a stable and transparent environment for businesses to operate.
According to the Finance Minister, the government has introduced a series of measures including tax exemptions, banking facilitation, and insurance relief programs to support post-crisis reconstruction and revive private sector confidence. He also stated that the implementation of a new online customs valuation database will ensure transparency and fair pricing in market transactions.
The three private sector umbrella organizations praised the government’s initiative and urged their members and entrepreneurs to adopt the new digital customs valuation system. The online system, inaugurated by Minister Khanal on September 25 (Asoj 9), will collect data on all customs-cleared goods and update reference values every six months. Businesses expect that the system will help resolve long-standing complaints regarding arbitrary valuation.
Government officials said that the database will serve as a digital tool for analyzing, comparing, and identifying transaction values of imported goods, ultimately reducing corruption and improving trade transparency.
During the meeting, private sector leaders expressed concern over recent disruptions caused by youth protests and political infiltrations, which they said have severely affected Nepal’s economy—responsible for 81 percent of GDP and 86 percent of employment. They warned that if the government fails to take strict legal action against those involved in vandalism, looting, and arson, business confidence will erode further.
The leaders emphasized maintaining zero tolerance toward corruption and urged the government to create an enabling environment where entrepreneurs can work without fear or political pressure. They also appealed to all business operators to conduct their activities ethically and in line with business integrity standards.
Highlighting that while the government’s primary focus remains on holding upcoming elections, the current period also offers an opportunity to lay the groundwork for economic reforms, the private sector leaders suggested organizing a multilateral finance conference under private sector leadership to attract foreign investment and restore investor confidence.
They reiterated their readiness to cooperate with the government to ensure timely elections, which they said are essential for strengthening Nepal’s open-market economy and democratic system.
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