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Economy

Nepali Ambassador to Bahrain calls for investment in Nepal

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KATHMANDU — Nepali Ambassador to Bahrain Padam Sundas has appealed to Nepali organizations in Bahrain to help bring investment to Nepal.

In an interaction with representatives of various organisations including the Non-Resident Nepalis Association at the Nepali Embassy in Manama on Friday, he called for efforts to utilize the income generated by Nepalis in Bahrain for proper investment in Nepal, according to a statement issued by the Embassy.

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Deputy Chief of Mission Khagaraj Adhikari facilitated the interaction where Chartered Accountant Ramesh Dhital shed light on Nepal’s economic indicators, areas of strategic advantage, investment procedures, existing tax provisions and new areas of creative investment.

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Economy

Business community demands slash in interest rate

Pratigya Waiju

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BIRATNAGAR— The industrialists and traders in Biratnagar have asked the government to immediately reduce the high interest rate charged by the bank and financial institutions (BFIs) from the borrowers.

They argued that the interest rate should be around seven percent for the production-based industries and up to nine percent for the trading firms.

At a programme jointly organised by Industry Association Morang and Trade Association Morang on Thursday, the business leaders drew attention of the government to that end adding that job creation for the labour force of 500,000 was not likely only from the industry and trade sectors.

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Stressing the need for slashing the interest rate, they also argued the central bank should realise the reality that no bank was running out of loss. The industrialists and businesspersons said that industries and business should flourish to reduce the trade deficit, strengthen the economy and create more job opportunities.

Industrialists Bhim Ghimire, Pawan Kumar Sharda, Sushen Pyakurel, Moti Dugad and others said that bank’s interest rate should be low to increase the domestic investment and lure the foreign investment.

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