Economic Prospects and Strategies: Highlights from Nepal Chamber of Commerce's Annual Session

The 73rd annual general meeting of the Nepal Chamber of Commerce commenced with Deputy Prime Minister and Foreign Affairs Minister Narayankaji Shrestha inaugurating the event.

President Rajendra Malla stressed the importance of achieving economic prosperity through effective coordination of budget and monetary deficit. He emphasized the need for a realistic budget focused on implementation, highlighting the challenge of meeting revenue targets and the necessity to increase economic activities.

Despite some internal economic improvements, there's still a slowdown. Malla resigned, citing challenges such as trade deficit and capital expenditure limitations hindering economic growth targets.

He emphasized the importance of increasing productivity and attracting investment in sectors like agriculture, tourism, and information technology.

Minister Shrestha reiterated the government's commitment to economic development, emphasizing support for the private sector and addressing issues like temple construction, public expenditure, and trade deficit control.

The full text of the speech delivered by Chairman Rajendra Malla at the 73rd Annual General Meeting of the Nepal Chamber of Commerce is as follows:

1. The Nepal Chamber of Commerce has a rich history spanning 73 years, symbolizing a significant milestone for the private sector, with its expansion across the country being a source of pride.

2. The Chamber has played a pivotal role in the country's economic development and has become a crucial representative body for both the government and private sector.

3. Collaboration between the Chamber and the government has been fruitful, with the Chamber offering constructive suggestions that have been incorporated into policy-making.

4. Corporate social responsibility has been a priority for the Chamber, with recognition given to organizations contributing to commercial, economic, and social welfare.

5. Initiatives such as international expos have been undertaken to expand the economy and promote local products, fostering economic relations with friendly nations.

6. Despite positive external economic indicators, internal challenges persist, including a huge trade deficit and limited fiscal expenditure movement.

7. Increasing production and productivity across all sectors is deemed essential for the country's economic independence, necessitating reforms in areas such as investment facilitation and import substitution.

8. The Chamber advocates for policy amendments to support agriculture, tourism, and resource development, as well as employment creation for returnee migrants.

10. Coordination between long-term plans, government policies, and fiscal and monetary measures is crucial for sustained economic growth.

11. Regulatory reforms, including amending outdated laws like the Black Market Act, are necessary to foster a conducive business environment.

12. With transitioning from a least developed country to a developing country, strategic preparations are needed to mitigate the loss of international concessions.

13. Gratitude is expressed to Chamber members, staff, and family for their support during the tenure of Chairman Rajendra Malla.