The SouthAsia Enterprise Development Facility (SEDF) under the International Financial Corporation  (IFC) has proposed improvements in five sectors to improve Nepal’s business environment. SEDF has suggested that immediate steps be taken in five different areas for enhancing the business environment of Nepal. These five different areas are namely, beginning of business and competition, financial infrastructure, operating a business, rights over land and property, and business closure.

SEDF proposed a 56-point suggestion for improving the business environment during a workshop organised in Kathmandu on January 24. The suggestions were presented among the concerned stakeholders. Representatives from the government, IFC and the private sector were present in the seminar.

Presenting a working paper, analyst Shyam Krishna Shrestha said that the suggestions were prioritised for sectors where Nepal failed to prove on the Doing Business Index. Nepal was listed on 108th position out of 185 countries on Doing Business Index 2013. According to the report Nepal falls on fourth country among eight countries of South Asia.

Similarly, a report on economic freedom has ranked Nepal 147th out of 179 countries. Similarly, Nepal is ranked 125th out of 144 countries on the Global Competitive Index 2013 (GCI). Likewise, Nepal ranks fifth  out of five South Asian countries listed on the GCI and sixth among seven countries listed on the economic freedom index.

Incumbent Registrar Toya Nath Adhikari said that starting up and closing down a business is still tough in Nepal. He said that because of this reason almost two-thirds of the companies registered at the Company Registrar’s Office (CRO) are inactive. He expected that when the CRO’s services are made available online the situation can improve. “Prudent services can be provided when the provision of digital signature is in place.”