FNCCI: Trade facilitation must move from paper to practice, flood cost 12,100 jobs

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has released a report concluding that the Rasuwa flood destroyed about 12,100 jobs. The federation made the report public during an interaction on the country's current economic situation and the private sector's prospects, held in Kathmandu on Wednesday.

The federation said the report was prepared by studying the economic and social condition of the affected area after the glacial lake flood hit the Bhotekoshi river in Rasuwa on Bhadra 10. According to the report, around 570 business firms and companies were directly affected by the flood.

At the same event, FNCCI President Anjan Shrestha said trade facilitation should not remain confined to paper but must be implemented in practice. He said that much of the facilitation work at present is limited to paperwork, while the private sector wants an end to procedural hassles and to feel the change in practice.

President Shrestha said the government should take the lead in modernizing the expenditure system, adopting an integrated trade process based on a digital system, and building reliable logistics infrastructure. He also demanded that cross-border payments and cross-border transport be made reliable.

Saying small and medium enterprises, considered the backbone of the economy, are currently in serious crisis, he urged the government to immediately address the problems facing such industries.