55th AGM of FNCCI. Photo Courtesy: FNCCI 

April 11: The Federation of Nepalese Chambers of Commerce and lndustry (FNCCI) has prepared the ‘Vision Paper 2030’ under an ambitious ten-year plan with an objective to expand the country's economy to US$ 100 billon and create 2.2 million jobs.

The paper was presented at the 55th annual general meeting of FNCCI held on Saturday, April 10. It aims to increase the volume of the country's economy to US$ 100 billion from US$ 35 billion per year. The federation estimates an investment of US$ 150 billion is required to achieve this ambitious plan. The private sector will invest US$ 108 billion in accordance to the plan.

To achieve this plan, FNCCI has put forward 100 projects which include growth of small and cottage industries, revival of tourism industry, digital economy, promotion of startups and innovative business, women entrepreneurship development project, rural economy, investment promotion and utilization of remittance. Likewise, the vision paper has been prepared with plans to increase the volume of export, promote urban development, agriculture, optical fiber network, energy, operation of railways and ships.

Shekhar Golchha, president of FNCCI, said before presenting the paper that the federation was working on this project by forming various committees. “Committees related to agriculture enterprise center, information and technology, foreign employment forum, energy have already started their respective work,” he said, adding, “The Innovation Committee is working to generate 50 new entrepreneurs in the next two years through 50 startups, 50 investors project.”

He stated that entrepreneurs are facing problems due to the government’s unrealistic monitoring and poor perspective towards them. Likewise, acts and regulations of the country aren’t private sector friendly, he said.

The federation has provided suggestions to bring 14 policy-level reforms for the projects included in the vision paper. According to the federation, policies which need amendment are Black Market and Other Social Crimes and Proceedings Act 2032, Revenue Tribunal Act 2063, Public Procurement Act 2063, Consumer Protection Act 2075, Industrial Enterprise Act 2076, Land Act 2021, Money Laundering Act 2052,  Environmental Protection Act 2076, Revenue Leakage Act 2052, Value Added Tax Act 2052, Contribution Based Social Security Act 2074, Patent Design and Trademark Act 2022 and Bank and Financial Institution Debt Recovery Act 2058.

FNCCI President Golchha said that the government’s support is very essential to implement the 10-year plan prepared by the federation. He said that 40 projects will be completed in the next two years for which the government’s support is vital.

Speaking at the program, Prime Minister KP Sharma Oli claimed that an investment-friendly environment has been created in the country. Stating that the protest programmes have come to an end, there wouldn’t be any better environment for private sector than this, and the policies are being prepared accordingly. He expressed commitment to make private sector-friendly policies.

Claiming that significant works have been done during his tenure, projects with investment of Rs 500,000 are required to develop the country. PM Oli said that the government itself is working to amend the policies and expressed further commitment to fulfill the private sector’s demands in terms of policy reforms.