Kathmandu: Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), stated that the foundation for much-needed economic reforms in Nepal is being established. Dhakal made this remark during a meeting with Imad Fakhoury, Regional Director for South Asia at the International Finance Corporation (IFC), held at the FNCCI Secretariat on Monday.

During the meeting, Dhakal highlighted that the Nepalese government has already begun implementing the recommendations put forward by FNCCI, signaling a shift toward new-generation reforms. He emphasized the importance of collaboration between the government, private sector, and international development partners in promoting sustainable economic growth.

Dhakal also discussed potential cooperation between FNCCI and IFC to enhance the competitiveness of Nepalese businesses in both local and international markets. He referred to a joint report titled “State of the Private Sector in Nepal,” developed by FNCCI and IFC, which has become a key resource for the business community and policymakers alike.

Furthermore, Dhakal revealed that FNCCI is working closely with IFC’s Nepal team to introduce Environment, Social, and Governance (ESG) programs within the private sector. He expressed optimism that the IFC’s expertise, combined with FNCCI’s strong connection to the local business community, could drive significant progress in transforming Nepal’s economic landscape.

In response, IFC’s Regional Director Imad Fakhoury stressed the importance of focusing on public-private partnerships (PPP) as a crucial strategy for Nepal’s development. While acknowledging the current economic challenges faced by the country, Fakhoury also pointed out the vast opportunities available for growth and investment.

This meeting marks another step forward in the collaboration between FNCCI and IFC, with both organizations committed to fostering sustainable economic development in Nepal.