Govt should focus on investment

KATHMANDU,JAN 20: 

Economists and entrepreneurs have blamed the government for its failure in creating a conducive and investment-firendly environment.

“The arrest of one of the biggest housing entrepreneurs at a time of economic slowdown reflects that the government is not serious about creating an investment friendly environment,” said economist Dr Chiranjivi Nepal, speaking at Reporter’s Club here.

Police had arrested a housing entrepreneur Sudhir Basnet a week ago on charges of fraud. “Instead of helping solve the problem, the government ordered the arrest of Basnet,” he said, adding that consumer forums, private sector and consumers should have come together to solve the problem associated with Basnet, rather than arresting him and creating more trouble. “It will not only fuel capital flight but distract foreign investors in country.”

The country is witnessing a ballooning trade deficit, decrease in foreign investment and rising inflation, he added.

Similarly, Federation of Nepalese Chambers of Commerce and Industry (FNCCI) vice president Pradeep Jung Pandey also asked the government to help solve the problem instead of creating terror by arresting entrepreneurs.

“The prolonged political transition has brought problems in the housing business,” he said, adding that the government must come out and evaluate Basnet’s property and find an amicable solution.

Basnet also owns Agni Air that had posted a profit of around Rs 280 million in the last fiscal year.

Source: THT