Industries

IFC Suggestions For Favourable Investment Climate

Nov 30, -0001 0 1 minutes 37 seconds to read

…

Fifty Percent Compulsory For Domestic Goods

Nov 30, -0001 0 1 minutes 28 seconds to read

…

Industrial Production Increased In Q1

Nov 30, -0001 0 1 minutes 25 seconds to read

…

Four Firms Seek Permit To Import Petroleum

Nov 30, -0001 0 1 minutes 14 seconds to read

…

Online Company Registration From Feb 7

Nov 30, -0001 0 35 seconds to read

…

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	<span style="text-align: justify;">The SouthAsia Enterprise Development Facility (SEDF) under the International Financial Corporation (IFC) has proposed improvements in five sectors to improve Nepal’s business environment. &nbsp;SEDF has suggested that immediate steps be taken in five different areas for enhancing the business environment of Nepal. These five different areas are namely, beginning of business and competition, financial infrastructure, operating a business, rights over land and property, and business closure.</span></p>
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	SEDF proposed a 56-point suggestion for improving the business environment during a workshop organised in Kathmandu on January 24. The suggestions were presented among the concerned stakeholders. Representatives from the government, IFC and the private sector were present in the seminar.&nbsp;</p>
<p style="text-align: justify;">
	Presenting a working paper, analyst Shyam Krishna Shrestha said that the suggestions were prioritised for sectors where Nepal failed to prove on the Doing Business Index. &nbsp;Nepal was listed on 108th position out of 185 countries on Doing Business Index 2013. According to the report Nepal falls on fourth country among eight countries of South Asia.</p>
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	“The government is trying to introduce new reforms to make it mandatory for the public sector to use at least 50 per cent Nepali products,” said Krishna Hari Baskota, Secretary at the Office of the Prime minister and the Council of Ministers. He said, ”We are going to introduce such reforms to increase the consumption of domestically produced goods, decrease the losses of domestic industries and promote Nepali products.”&nbsp;</p>
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	This reform will make it mandatory for government offices to use &nbsp;Nepali stationary goods, raw material for clothes, caps, leather belts and shoes, medicines, furniture as well as construction materials such as cement, bricks and electronic appliances, as far as available. Together with this, gift products, foods and beverages should be consumed by the public sector as chosen by the government.&nbsp;</p>
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	“Although the imported goods may be 15 per cent expensive and compete with quality, domestic products must be promoted”, said Krishna Gyanwali, secretary at the Ministry of Industry.&nbsp;</p>
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	FNCCI Vice President, Bhawani Rana says that the reform to be introduced by the government is most welcome. “Although FNCCI has been demanding the public sector and the corporate houses to use domestic products, it has not been successful. If this proposal is implemented, the domestic industries are going to prosper,” she said. The proposal mentions that the reason behind the slow growth of domestic industries is not using their products by the government citing that they are expensive than their imported counterparts. The reform proposal has already been prepared by the Ministry of Industry and will soon be submitted to the Office of the Prime Minister and Council of Ministers.&nbsp;</p>',
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	"As the directive has been already been sent to the Cabinet, we are making necessary arrangements to import and distribute fuel,” a representative of Star energy said.&nbsp;</p>
<p style="text-align: justify;">
	As per the rules laid down by the World Trade Organisation (WTO), the government should get rid of state monopoly in all sectors within 2015/16. An officer at the Ministry of Commerce and Supplies said, "In view of the WTO rules, we are working on the directive."</p>
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	<span style="text-align: justify;">The SouthAsia Enterprise Development Facility (SEDF) under the International Financial Corporation (IFC) has proposed improvements in five sectors to improve Nepal’s business environment. &nbsp;SEDF has suggested that immediate steps be taken in five different areas for enhancing the business environment of Nepal. These five different areas are namely, beginning of business and competition, financial infrastructure, operating a business, rights over land and property, and business closure.</span></p>
<p style="text-align: justify;">
	SEDF proposed a 56-point suggestion for improving the business environment during a workshop organised in Kathmandu on January 24. The suggestions were presented among the concerned stakeholders. Representatives from the government, IFC and the private sector were present in the seminar.&nbsp;</p>
<p style="text-align: justify;">
	Presenting a working paper, analyst Shyam Krishna Shrestha said that the suggestions were prioritised for sectors where Nepal failed to prove on the Doing Business Index. &nbsp;Nepal was listed on 108th position out of 185 countries on Doing Business Index 2013. According to the report Nepal falls on fourth country among eight countries of South Asia.</p>
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	Similarly, a report on economic freedom has ranked Nepal 147th out of 179 countries. Similarly, Nepal is ranked 125th out of 144 countries on the Global Competitive Index 2013 (GCI). Likewise, Nepal ranks fifth out of five South Asian countries listed on the GCI and sixth among seven countries listed on the economic freedom index.</p>
<p style="text-align: justify;">
	Incumbent Registrar Toya Nath Adhikari said that starting up and closing down a business is still tough in Nepal. He said that because of this reason almost two-thirds of the companies registered at the Company Registrar’s Office (CRO) are inactive. He expected that when the CRO’s services are made available online the situation can improve. “Prudent services can be provided when the provision of digital signature is in place.”</p>
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	“Although the imported goods may be 15 per cent expensive and compete with quality, domestic products must be promoted”, said Krishna Gyanwali, secretary at the Ministry of Industry.&nbsp;</p>
<p style="text-align: justify;">
	FNCCI Vice President, Bhawani Rana says that the reform to be introduced by the government is most welcome. “Although FNCCI has been demanding the public sector and the corporate houses to use domestic products, it has not been successful. If this proposal is implemented, the domestic industries are going to prosper,” she said. The proposal mentions that the reason behind the slow growth of domestic industries is not using their products by the government citing that they are expensive than their imported counterparts. The reform proposal has already been prepared by the Ministry of Industry and will soon be submitted to the Office of the Prime Minister and Council of Ministers.&nbsp;</p>',
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<p style="text-align: justify;">
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<p style="text-align: justify;">
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<p style="text-align: justify;">
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	“The government is trying to introduce new reforms to make it mandatory for the public sector to use at least 50 per cent Nepali products,” said Krishna Hari Baskota, Secretary at the Office of the Prime minister and the Council of Ministers. He said, ”We are going to introduce such reforms to increase the consumption of domestically produced goods, decrease the losses of domestic industries and promote Nepali products.”&nbsp;</p>
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<p style="text-align: justify;">
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<p style="text-align: justify;">
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file not found!

Latest

173 People Die in Disaster Incidents since June 10

Crusher Federation Urges PM Oli for Industry Renewal

Prime Minister Calls for Enhancing 'Hello Sarkar' Service

Bardiya National Park Sees Increase in Tourist Arrivals

Experts, Manpower Agencies at Odds Over Draft of Labour Migration Policy

Lower Seti Hydropower Project Acquires o500 Ropanis of Land

Government Proposes Formation of New Authority to Regulate Cooperatives

Sugar Prices Surge ahead of Festive Season amid Govt’s Failure to Import Sugar

BFIN to Host Conference in Kathmandu on Wednesday

Price of Gold Reaches All-Time High in Nepal

FOREX

Currency	Unit	Buy	Sell
U.S. Dollar	1	121.23	121.83
European Euro	1	131.65	132.31
UK Pound Sterling	1	142.47	143.18
Swiss Franc	1	124.29	124.90
Australian Dollar	1	71.69	72.05
Canadian Dollar	1	83.90	84.32
Japanese Yen	10	10.94	11.00
Chinese Yuan	1	17.17	17.26
Saudi Arabian Riyal	1	32.27	32.43
UAE Dirham	1	33.01	33.17
Malaysian Ringgit	1	27.36	27.50
South Korean Won	100	9.77	9.82

Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)

Bullion

Fine Gold	1 tola	77000.00
Tejabi Gold	1 tola	76700.00
Silver	1 tola	720.00

Update : 2020-03-25

Source: Federation of Nepal Gold and Silver Dealers' Association

Petroleum

Petrol	1 Liter	106.00
Diesel	1 Liter	95.00
Kerosene	1 Liter	95.00
LP Gas	1 Cylinder	1375.00