Will create conducive environment for private sector: Minister Bhandari  – Need to increase domestic investment to attract FDI: Dhakal

Minister of Industry, Commerce and Supplies Damodar Bhandari has said that he will create an environment whereby the private sector will not have to come to Singhadurbar with any grievances. Minister Bhandari mentioned this during a meeting with a delegation of the Federation of Nepalese Chambers of Commerce and Industry on Wednesday.

Minister Bhandari said that he is aware of the difficulties being faced by business people and industrialists in the country and he would do his best to address the issues that have been hurting the economy. He mentioned he will help increase manufacturing activities and for this the ministry is working to develop short-term, medium-term and long-term plans. He said he will facilitate industries by introducing industry-friendly policies.

Minister Bhandari also mentioned that during his tenure he will try to bring in institutional reforms in the ministry so that the private sector will feel confident to make investments.

During the meeting, Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry, requested Minister Bhandari to introduce policies that will boost the confidence of the private sector. Dhakal said it is important to boost the confidence of the private sector so that more domestic investments are made. He mentioned that domestic investments are necessary as foreign investors always look at the flow of domestic investments in the market before making investments.

The only way we can increase foreign investment in the country is by increasing domestic investment, said Dhakal. Nepal needs investments to grow the economy so investor-friendly policies must be introduced, he reiterated. He also informed Minister Bhandari about the high rent being charged in the Special Economic Zones and Industrial Areas and requested the minister to look into the issue.