Successful CA election marks end of political transition, infuses hope into business community

End of the lengthening political transition and successful second Constituent Assembly (CA) election yesterday has infused some hope in the business fraternity.

The entrepreneurs, who have been in wait and watch mood, since dissolution of the first CA on last May 28, took active part – by casting their votes and also observing the election – in the second CA poll that will end at least one uncertainty and help form an elected government in around a couple of weeks.

As there seems light at the end of the tunnel, the entrepreneurs are encouraged.

"The successful CA election has given us a hope that the Constitution could also be drafted soon that would take the country towards a prosperous future," said Confederation of Nepalese Industries (CNI) president Narendra Basnyat.

"The political parties will move ahead with a common minimum economic agenda until they draft the Constitution," he said, adding that the successful CA election has paved a way for a new political course. "Political stability, stable government and Constitution are key to economic development ensuring economic prosperity and industrial development."

He is also hopeful that the political parties will fulfill their promises according to their election manifesto to ensure business-friendly environment.

The incumbent interim election council led by Chief Justice Khil Raj Regmi had been unable to bring – despite its various attempts – many Acts that could have helped create business friendly environment. But the CA election yesterday has ensured that the parliament will be formed in a couple of weeks and the Acts will get through it not only paving the way for new investments but also easing the current business environment.

"Entrepreneurs have been seeking stability and predictable policy for long," said entrepreneur Rajendra Khetan.

"Last few years has seen the height of corruption, which has hindered the business growth especially by politically appointed regulators," he said, adding that guarantee of policy stability – due to election will see both local and foreign investment increment. "But politicians must stop regulators for asking money openly by creating administrative hassles to increase the level of confidence of private sector."

The private sector did not only take active part in excising their democratic right by casting votes but also observed the election led by National Business Initiative (NBI) in some 24 districts. "The peaceful CA election has also reflected the people's wish for an end to political transition," said the general secretary of NBI Surendra Bir Malakar.