Kathmandu: The Nepal Chamber of Commerce (NCC) has raised concerns over a proposed bill that would bring the private sector under the jurisdiction of the Commission for the Investigation of Abuse of Authority (CIAA), warning that such a move could deter investment. In a meeting with Chief Secretary Ek Narayan Aryal, an NCC delegation led by President Kamalesh Kumar Agrawal highlighted the risks of this bill, which is currently under consideration by the State Affairs Committee of the Federal Parliament.

The NCC argued that if the CIAA Third Amendment Bill, 2076 passes with the provision to include private sector companies, it could worsen the already sluggish economy. "This will discourage investment and make the private sector more vulnerable," the NCC stated in a press release, emphasizing the need for policy stability to foster economic growth.

The Chamber also expressed concerns about other regulatory measures, including a clause in the Bank and Financial Institutions Act that prevents those with more than one percent share in a company from borrowing from any institution. The NCC warned that this would negatively impact the private sector's role in promoting Nepal's banking industry and hinder overall economic growth.

Additional issues raised by the NCC included the impracticality of restrictions on share sales by proprietors and difficulties in the real estate sector due to Nepal Rastra Bank's policies. They also highlighted concerns about patent rights issued to foreign companies affecting local industries.

Chief Secretary Aryal reassured the delegation that the government is committed to working with the private sector for the country’s economic prosperity and to address issues like price hikes and black marketing during the festival season.