Govt, private sector develop action plan related to improving investment climate

The government and private sector have developed the action plan to implement the decision of the High Level Business Forum (HLBF) taken in different Working Group meetings and at the HLBF with the aim of expediting reforms related to investment climate reform and private sector development.

Nepal Business Forum Secretariat and the Ministry of Industry jointly organised an orientation and preparatory workshop in an attempt to implement the decisions taken by the HLBF, chaired by the Prime Minister Dr. Babu Ram Bhattarai, held recently, according to the press statement issued by Nepal Business Forum (NBF) on Thursday.

The program was primarily focused on orienting NBF members to its process and preparing action plans to implement the decisions taken by HLBF.

As per the decisions of the HLBF, both public and private sector had agreed to implement six issues which were forwarded after discussing with different Working Groups and the Steering Committee of NBF.

The meeting decided to move forward on several key recommendations, including the implementation of a single trade union by holding an election, integration of the garment sector under Nepal Trade Integration Strategy, establishment of a Technology Development Fund with Nepalis rupees 10 million, establishment of a second tier institution to regulate savings and credit cooperatives, and allowing foreign institutional investors in the Nepalis stock market.

Moreover, the HLBF had also decided to form a high level committee under the convenorship of the vice-chairman of National Planning Commission (NPC) to look into the export cash incentives issue.

At the meeting, Anil K Thakur, member secretary of the Private Sector Development Committee under NBF stressed the need to implement the decisions of the HLBF as they are directly related to supporting private sector development by improving investment climate reforms in the country.

Thakur, who is coordinating among line ministries on behalf of the implementing ministries, requested all relevant ministries to expedite implementation as per the guidance of the Prime Minister.

Similarly, Mahendra Man Gurung, joint secretary at the Office of the Prime Minister and Council of Ministers, stressed on the need for coordination between line ministries to achieve reforms as per the government decisions. nepalnews.com