The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the International Finance Corporation (IFC) are joining hands to prepare a report, assessing the status of the private sector in Nepal and recording the contribution of this sector to the national economy.
The report is expected to be an important document for the policy-makers. It will present statistics, concepts, analyses, and policy recommendations about the impact of investment from the private sector on the nation's development.
This collaboration between FNCCI and IFC has the objective of providing the required information for policy debate among the government, the private sector, development partners, and other stakeholders on issues related to the private sector development, the FNCCI said.
There have been qualitative growth in the private sector in Nepal since 1990. More than 99 percent of formal businesses are under the ownership of the private sector. This includes the notable investment made in the social sectors such as education and health. The private sector has a growing presence in terms of capital formation and creating employment opportunities.
"Further development and strengthening of the private sector is essential to achieve Nepal's developmental goals. This would be possible only through informed policy reforms and a debate between the public and private sectors," FNCCI president Shekhar Golchha said.
IFC, as the largest development partner in the world, is committed to extending cooperation for the development of the market and opportunities in Nepal. It is necessary to further improve the investment environment in the country for domestic and foreign investors, IFC resident representative for Nepal, Babacar S. Faye said.
IFC is delivering on its ambitious target for Nepal by significantly increasing investments and advisory services. IFC is a sister organization of the World Bank and a member of the World Bank Group. It is the largest global development institution focused on the private sector in emerging markets.
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