April 10: The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has sought commitment from all political parties in favor of economic reforms. Officials of FNCCI stated that no party holds a majority in parliament, and the past one year witnessed the formation of three governments.

FNCCI demanded such commitment from political parties during the opening session of the Federation's 58th Annual General Assembly on Wednesday.

"The federation has invited about a dozen top leaders from both the ruling and the opposition parties," said Surkrishna Vaidya, FNCCI's vice-president, in an interview with New Business Age. He added, "Despite differing political beliefs, the parties have been urged to commit to contributing to the rapid expansion of the economy. This includes agreeing on issues related to the economic prosperity of the country, maintaining stability in basic economic policies, avoiding changes that discourage investors when government changes, and consulting the private sector when policy adjustments are needed."

Similarly, the parties were asked to pledge their commitment to promoting the private sector, which contributes 81 percent to the economy and 87 percent to employment. The private sector is considered the main driver of employment and economic growth and development.

FNCCI also sought commitment from the political parties to include the private sector in decision-making processes.

Officials of FNCCI highlight that frequent political changes have led to inconsistencies in government policies. They noted that policy rules are often tailored to benefit specific businessmen while harming others. Additionally, there's a growing trend of politicians seeking popularity by appealing to businessmen.

Shekhar Golchha, former president of FNCCI, expressed concerns over political instability impacting investor confidence. He emphasized that despite priorities set by the National Planning Commission, policy instability persists, hindering businessmen from investing with confidence.

Businessmen fear that changes in government could result in shifts in tax policies, creating uncertainty for investors. They also expressed doubt regarding the proposed amendment of about a dozen laws before the investment summit on April 28 and 29.

Former Finance Minister Dr. Prakash Sharan Mahat expressed doubt about the current government's commitment to economic reform. He highlighted delays in legal reform and country rating, essential steps for attracting foreign investors.