KATHMANDU: Setting a great milestone in the implementation of the Public-Private Partnership (PPP), the Ministry of Industry, Commerce, and Supply (MoICS) and the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) signed a Memorandum of Understanding (MoU) to launch a campaign for the economic transformation through the PPP approach.
The FNCCI, the private sector’s umbrella organization, announced the Vision Paper 2030 through its 55th Annual General Meeting with the objectives of increasing the country’s economy to the tune of USD 100 billion setting the ground for 2.2 million people in the formal sector and reducing the trade deficit by half, within the end of this decade. The MoU has paved the way for joint campaigning for the effective implementation of the government’s policies and programs and programs related to the industry and commerce-related programs incorporated in the government’s budget. In line with the MoU, the FNCCI will offer suggestions for timely improvements in the prevailing policy, legal and procedural arrangements related to industry, trade, and business to increase private sector investment, production, infrastructure construction, and employment generation.
Similarly, the FNCCI will provide the support of specialized organizations or experts in the process of implementation of government policies and programs including arrangements aimed at promoting industry, commerce, and the private sector. The MoU has also made the MoICS responsible for creating a business-friendly environment and taking initiatives to reduce the cost of business and extending cooperation to promote the Made in Nepal campaign being implemented by the Nepali Youth Entrepreneurs Forum of the FNCCI. Strong coordination will be established among all three levels of government under the federal system. To promote PPP, the FNCCI has suggested 14 laws, among which three will be finalized in coordination with the MoICS and other relevant agencies soon.
For effective coordination to effectively implement the MoU, a steering committee and a working committee will be established with representation from the MoICS, FNCCI, and other relevant agencies.
Addressing the MoU signing ceremony as the Chief Guest, Minister for Industry, Commerce, and Industry Dilendra Prasad Badu said cooperation between the government and the private sector is an important effort in the economic transformation of the country, adding that MoICS is committed to effectively implementing the MoU. The FNCCI president Shekhar Golchha pledged that FNCCI will leave no stone unturned to fully implement this agreement. On the occasion, a member of the National Planning Commission (NPC) Dr. Ramkumar Phuyal, and Industry Secretary Toyanarayan Gyawali expressed confidence that the MoU will help implement a three-pillar economic policy envisaged by the Constitution of Nepal.