Industry Ministry and FNCCI agree to join hands for economic transformation

Published On: August 12, 2022 10:47 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, August 12: The Ministry of Industry, Commerce and Supply and the Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has signed a memorandum of understanding on Thursday at Radisson Hotel. The MoU was signed between two parties with the aim of implementing a public-private partnership campaign for economic transformation.

The partnership campaign will be implemented by jointly implementing the policies and programs of the Government of Nepal and the programs related to the industry and commerce sector mentioned in the budget, including the main provisions of National Economic Transformation, 2030 announced by FNCCI last year. 

Earlier, in its 55th annual general meeting, FNCCI had released the vision paper 2030 with the objectives of increasing the country's economy to 100 billion US dollars within the next decade, creating employment for 2.2 million people in the formal private sector, and reducing the ratio of trade deficit to economy by half. 

According to this partnership, FNCCI will prepare suggestions for timely reforms in the existing policy, legal and procedural arrangements related to industry, trade and business to increase private sector investment, production, infrastructure construction and employment, and submit the suggestions to the Ministry as required. The Ministry will assist in incorporating the suggestions submitted by FNCCI into policies and laws as required.

In the program, FNCCI President Shekhar Golchha said that a steering and implementation committee will be formed for the effective implementation of the partnership campaign. The committee will consist of representatives of concerned government agencies, FNCCI and other representative associations of the private sector.

Similarly, addressing the program, Chief Guest Industry Minister Dilendra Prasad Badu said that collaboration between the government and the private sector is an important effort in the economic transformation of the country and the ministry is committed to its full implementation. He also urged the committees to work as mentioned in the memorandum of understanding. 

The MoU was signed by FNCCI President Shekhar Golchha and Joint Secretary Narayan Duwadi and Govinda Karki. 







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