Kathmandu: Finance Minister Dr. Swarnim Wagle has sought suggestions from representatives of multinational companies operating in Nepal on five key decisions the government should take within the next six months to improve the investment environment.
During a discussion held at the Ministry of Finance on Monday, Minister Wagle asked representatives of multinational companies to identify the major obstacles they are facing in expanding their businesses in Nepal.
He also sought direct feedback from the private sector on how effective the government's recent reforms have been in practice.
Wagle asked the companies to identify areas requiring immediate improvement, including tax administration, regulation, land acquisition, energy, labor, infrastructure, finance, exports, legal provisions and government procedures.
The finance minister also urged multinational companies to expand their existing industries, enter new areas of production and introduce new technologies in Nepal.
“Invest more in Nepal. Expand your existing industries. Enter new areas of production. Bring in new technologies and create new employment opportunities,” Wagle said.
Private Sector as a Partner in Nation-Building
Minister Wagle said the government views the private sector not with suspicion but as a partner in nation-building.
He said the success of the private sector is closely linked to Nepal's economic success and that the government is prepared to facilitate further investment and business expansion.
According to Wagle, Nepal's economic transformation cannot be achieved by a single ministry, policy or institution. It requires joint leadership and cooperation between the government and the private sector.
He said the meeting was organized primarily to listen to the experiences of entrepreneurs who have made significant investments and taken substantial risks in Nepal, rather than simply to present the government's position.
The discussions were aimed at identifying practical problems faced by businesses and weaknesses in government policies and developing an action plan to address them.
Investment Protection as Government Priority
Wagle reaffirmed the government's commitment to protecting legally made investments, assets created through such investments and the profits earned by investors.
He said investors should feel that their assets are secure, regulations are stable, the tax system is predictable and the state stands beside them as a partner.
The finance minister stressed that the private sector should not be viewed merely as a source of tax revenue. Instead, taxpayers should be respected as partners in nation-building, he said.
Wagle said the government has already made its approach toward the private sector clear through the current fiscal year's budget.
He explained that the government's priority is not limited to increasing tax collection but also to accelerating the cycle of production, investment, profits and reinvestment.
He argued that when industries reinvest their profits, production increases, which creates employment, raises incomes and expands the market, ultimately increasing government revenue as well.
Issues to Be Monitored Through ‘Response Desk’
Finance Minister Wagle said the issues raised during the meeting would not be limited to discussion and would instead be taken forward for implementation.
He said the Ministry of Finance would coordinate with the relevant ministries within a specified timeframe to resolve the problems, while progress would be monitored through the ministry's “Response Desk.”
Wagle said dialogue with the private sector would continue as an ongoing process rather than being treated as a one-time event. He assured that discussions would continue until the problems raised by businesses are addressed.
Describing multinational companies operating in Nepal as important partners in the country's economic transformation, Wagle said they are not merely successful businesses but also major taxpayers, employers, investors and key partners in nation-building.
He said the government wants to create an environment where successful entrepreneurs are viewed with pride, investors feel secure, taxpayers are respected and young people are encouraged to pursue entrepreneurship.
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