Ministry of Industry, the government of Nepal and the International Finance Corporation (IFC) recently signed a cooperation agreement on the operation of Nepal Business Forum Secretariat from an independent location to make the reform program effective and sustainable in the days to come in close coordination with the private sector.
IFC, a member of the World Bank Group, is working with the Nepal government and the private sector to allocate $ 1 million to promote public private dialogue for spurring business growth and creating jobs through regulatory reforms in Nepal.
With this fund, the Secretariat of the Nepal Business Forum, the first ever forum for public private dialogue in Nepal will be strengthened to coordinate with the government and the private sector more independently and effectively for expediting reforms. The Secretariat, which is currently placed at the IFC office, will now have an independent office provided by the government for better coordination with the relevant stakeholders. Nepal Business Forum is supported by the SouthAsia Enterprise Development Facility, managed by IFC in partnership with the UK Government and the Norwegian Agency for Development Cooperation.
“Nepal Business Forum has played a pivotal role in bringing the government and the private sector on a common platform to analyze and identify areas of reforms that lead to an excellent policy coordination and facilitation,” said Krishna Gyawali, Secretary, Nepal’s Ministry of Industry. “I believe, continued financial and technical support from IFC and the private sector will allow the Forum to contribute more effectively to the Government’s reform agenda.
IFC will contribute 47 percent of the amount while 38 percent will come from the private sector and 15 percent from the Government. IFC and the Nepal Ministry of Industry have signed an agreement to take this agenda forward in the presence of Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and the Confederation of Nepalese Industries who are the convenors of the private sector coordination unit.
Valentino S. Bagatsing, IFC Resident Representative in Nepal, said, “IFC’s rich global experience in facilitating public private dialogues has helped us support the Nepal Business Forum in accelerating and facilitating reforms, bringing the government and the private sector effectively together.” IFC in Nepal is committed to strengthening the private sector that will be able to operate in a supportive regulatory framework, boosting investment and creating more jobs in the country.
Since its inception in 2010, the Nepal Business Forum has already facilitated a number of reforms which have had significant impacts including reducing the private sector cost of complying with regulation by $5.67 million a year and supporting a boost in pashmina export through the registration of Nepali pashmina trademark in 41 countries.