CNI pledges to help government attract investment

Confederation of Nepalese Industries (CNI) has promised to help create an investment-friendly environment to attract investment in the country and to achieve double-digit growth.

"We will continue to promote investment, both foreign direct investment and domestic investment," said the newly elected president of CNI Narendra Basnyat, addressing a gathering here today.

The country has to set an investment target of Rs 700 billion per year as against the Rs 250 billion at present, he said, adding that CNI under his leadership will continue to help the government in synchronising economic policy with the socio-political changes of federalism. "Like earlier, we will promote and expand exports and help improve the overall investment and economic climate," Basnyat added.

With a focus on employment generation, as well as conducive labour relations that is key in improving investment climate, CNI, as it enters into the next phase of its decade-long journey, will work with the government to provide consistent value added inputs to help develop the national economy and promote industrialisation, said Basnyat.

CNI will work towards acting as a catalyst to build an environment which will stimulate industrial growth and to also ensure that the benefits of industrial growth percolate to all parts of the country, as well as to all tiers of the populace, the new president of CNI said.

The new leadership will encourage competitive industrial environment and continue to help the government as a policy think tank, he said, adding that the private sector — though an engine of growth — has been neglected and economic agendas have been put in the back burner. "Due to prolonged political transition, the economy has been suffering."

Thus the CNI prescribes some of the key policy changes — like immediate approval of Special Economic Zone (SEZ) Act, New Industrial Business Act, and Foreign Investment and Technology Transfer Act — to create an investment-friendly environment, he said.