Private sector expresses commitment to work with govt in rebuilding economy

KATHMANDU: Private sector leaders have expressed commitment to work closely with the government in rebuilding and revitalizing Nepal’s economy in the aftermath of recent unrest.

During a meeting with newly appointed Minister for Finance Rameshore Khanal at his office on Tuesday, representatives of major business organizations expressed commitment to support the government’s reconstruction drive.

The government has already set up a special fund to assess and address damages caused during the protests.

“We too have suffered losses, but we are ready to recover while also assisting the government,” Chandra Prasad Dhakal, president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), said in the meeting. He urged the finance minister to establish a permanent dialogue mechanism between the private sector and the government, ensure a secure business environment, extend tax filing deadlines without penalties and foster good governance.

Similarly, FNCCI Senior Vice President Anjan Shrestha proposed mobilizing the corporate social responsibility (CSR) of business enterprises to contribute to reconstruction.

In the meting, business leaders also raised concerns that Nepal’s preparations for graduating from Least Developed Country (LDC) status in 2026 could be affected by the current economic disruption. They pointed out that Bangladesh, which is facing similar challenges, is planning to delay its graduation due to the risk of losing trade preferences.

Confederation of Nepalese Industries (CNI) President Birendra Pandey underscored the need to restore business confidence. Similarly, Nepal Chamber of Commerce (NCC) President Kamlesh Kumar Agrawal highlighted the private sector’s critical role in economic resilience.

Likewise, Bhat-Bhateni Supermarket owner Min Bahadur Gurung said his company was committed to increasing investment, creating jobs and contributing to government revenue even though it suffered massive damage in last week’s protest.

In response, Minister Khanal assured business leaders that the government would work with the private sector in restoring the economy. He said the government has already given a one-month extension to business enterprises for tax filing and that demands like suspension of working capital loan guidelines for at least two years and immediate financial relief measures would be given due consideration.