Prevent politicising Buddhism: PM Oli

Kathmandu, Nov. 16

Prime Minister KP Sharma Oli has stressed the need to prevent the misuse of Buddhism for political purposes.

Addressing the 49^th annual celebration and the commencement of the golden jubilee year of the Buddhist Bihar Association at Aksheshwar Mahabihar in Lalitpur on Saturday, he said, in the past, due to Hindu fundamentalists, the promotion and expansion of Buddhist ideas were difficult in both Nepal and India but there is resurgence of Buddhist principles of late.

He also emphasized that there should be no schism in the name of religion.

"Buddhism and its teachings should not be exploited for political purposes. Religion is meant for humanity, unity, and peace, and Buddha’s philosophy stands for non-violence and human welfare," Prime Minister Oli said.

According to him, the essence of Buddhism is not to commit violence or take life. The followers of Buddhism are the true protectors of the faith. "We must spread the values of Buddhism among the youth. I will do everything I can from my side to support this. This religion embodies compassion, love, and humanity. It promotes selflessness, which is why it must not be misused politically," he stated.

Prime Minister Oli recalled participating in an international Buddhist conference in Vietnam five years ago and mentioned discussions about holding such events under the auspices of the United Nations in Nepal. The event was delayed by the COVID-19 pandemic.

PM Oli also remembered establishing an international meditation centre with a capacity of 5,000 people in Lumbini.

On the same occasion, PM Oli honoured the Lotus Research Centre and Dundu Bahadur Bajracharya for their contributions to the promotion of Buddha’s teachings and philosophy.

Published in The Rising Nepal daily on 17 November 2024.  

FEEN Electro-Tech 2024 kicks off

DPM Singh reiterates commitment to work with private sector

Kathmandu, Nov. 15

The 'FEEN Electro-Tech 2024,' organised by the Federation of Electrical Entrepreneurs of Nepal, kicked off at the Bhrikutimandap Exhibition Centre in Kathmandu on Friday.

Speaking at the opening ceremony of the 11^th edition of the expo, FEEN's President, Resham Prasad Devkota, said that the international exhibition featured a comprehensive range of electrical and electronic products. He added that awareness programmes on consumer rights and interests in the areas of electronics and electricity would also be conducted throughout the event.

Inaugurating the expo, Deputy Prime Minister and Minister for Urban Development Prakash Man Singh said that there was a need for the government to prioritise initiatives that boost production within the country. 

"The government is focused on ensuring the energy required for production and organising such an exhibition will also aid in achieving our national energy goals," he said. Minister Singh reiterated the government's commitment to partnering with the private sector for progress.

Likewise, Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), called for breaking the perception that Nepal lacks an investment-friendly environment. He stressed the importance of political consensus on economic agendas, regardless of which party is in power. "The private sector drives the nation's economy, and the government must incorporate suggestions from the sector to move forward," he added.

Kamlesh Agrawal, President of the Nepal Chamber of Commerce, underscored the importance of increasing domestic electricity consumption alongside exporting power. "The government needs to reduce electricity prices and address the challenges faced by the private sector," he stated.

According to the FEEN, this year's Electro-Tech features 82 pavilions and stalls, both indoors and outdoors. The exhibition showcases a variety of products, including domestic and multinational brands, transmission and distribution equipment, energy supply and control devices, house wiring materials, wires, cables and conductors, advanced switches, LED lighting, electronics, household electrical appliances, office technology, telecommunications equipment, information technology, and alternative energy solutions.

Exhibitors from countries such as India, China, Japan, Taiwan, France, Spain, Malaysia, Germany, Italy, and Australia are participating in the expo, displaying an array of electric and electronic products. Notable brands include Transweld, Premier, Orchid, Janaki, C&S, Lisha, Dinz, Swift Gold, KEI, Janata, HPL, Philips, Havells, Siemens, Usha, Anchor, Orient, Himstar, Almeek, Librat, Arigold, Indotech, and Goldman, among others.

The FEEN expects around 50,000 visitors over the four-day exhibition. About 7,000 visitors reached the expo on Friday. 

Published in The Rising Nepal daily on 16 November 2024.  

Minister Adhikari seeks World Bank support in reforming land administration

 Kathmandu, Nov. 15

Minister for Land Management, Cooperatives and Poverty Alleviation, Balram Adhikari, has emphasised the significant role of the World Bank’s technical assistance in strengthening land administration and conducting new land surveys across the country.

Speaking at the Asia-Pacific Regional Conference jointly organised by the International Federation of Surveyors (FIG) and the Nepal Institution of Chartered Surveyors to address shared land challenges in Asia in Kathmandu on Friday, Minister Adhikari said that the government was actively working to permanently resolve Nepal’s long-standing land-related issues.

He underscored climate change as a global challenge and stressed the need for a comprehensive action plan to prevent natural and human-induced disasters affecting land use and management.

Stating that issues such as land classification, characteristics and challenges are common across Asia, Minister Adhikari mentioned that Nepal was collaborating with various international organisations to enhance the digitalisation of land management to make land administration more efficient and effective.

The two-day land conference in Kathmandu has drawn around 300 participants from 30 countries, according to Ganesh Prasad Bhatt, Joint Secretary at the Ministry of Land Management, Cooperatives and Poverty Alleviation.

On the sidelines of the conference, Minister Adhikari met with an international delegation attending the event. The delegation, led by Mika Torhonen, the World Bank’s Chief Land Specialist, expressed interest in partnering on land administration and management projects in Nepal.

During the meeting, Minister Adhikari recalled efforts made since 1971 to modernise land surveys and requested support for further advancements. Torhonen stated that if the Ministry of Finance engages formally, the World Bank could collaborate with project-based initiatives, such as digital record-keeping and transferring services to local levels.

Published in The Rising Nepal daily on 16 November 2024.  

Stock Brokers’ Association, Securities Brokers’ Association sing merger deal

Kathmandu, Nov. 14

A merger agreement has been signed between two broker associations of Nepal - Stock Brokers’ Association and the Securities Brokers’ Association. The agreement was signed by Dharma Raj Sapkota, Chairman of the Stock Brokers’ Association, and Sagar Dhakal, Chairman of the Securities Brokers’ Association.

The merger committees from both associations also played a key role in this agreement. On behalf of the Stock Brokers’ Association, former Chairman Santosh Raj Mainali led the committee as coordinator, with members Madan Poudel and Suyog Adhikari. On behalf of the Securities Brokers’ Association, General Secretary Krishna Giri coordinated the committee, with members Suman Kumar Malla and Sandeep Bikram Rana.

Following the merger, the combined entity will operate under the name Stock Brokers’ Association of Nepal (SBAN).

Speaking on the occasion, Dhakal emphasised the need for unification to address recent discrepancies in the stock market and to foster its development and expansion.

"The polarisation that emerged between new and old securities businesses after the licensing of new securities traders two years ago has come to an end with this historic understanding. This will undoubtedly guide the key stakeholders in a new direction. I firmly believe that this merger will enhance our professionalism and create a united front to protect our rights and interests," he said.

Dhakal also expressed his commitment to work collectively as one organisation, prioritising the growth, expansion, and security of the capital market while safeguarding investors' interests. He noted that the Securities Act, for the first time in approximately 23 years, is being amended, and the merged entity aims to play a significant role in making the law more business- and investor-friendly.

“There are still numerous provisions required to elevate our capital market to international standards, which have not been included in the current draft. Though laws should be amended continuously and regularly, many critical aspects have been overlooked. Hence, we must engage with all stakeholders to push for necessary amendments,” he stated.

Dhakal underscored the urgency of developing essential market infrastructure and investment tools, such as intra-day trading, short selling, equity derivatives and index funds. 

Published in The Rising Nepal daily on 15 November 2024.  

Shangri-La signs agreement to use CRS from Infodevelopers

 Kathmandu, Nov. 14

Infodevelopers Pvt. Ltd. and Shangri-La Development Bank have signed an agreement to implement Infodevelopers’ Comprehensive Reconciliation System (CRS) to automate and streamline the bank's reconciliation processes.

Arbin Pradhan, Director of Infodevelopers and Apoorba Prasad Joshi, Chief Operating Officer of Shangri-La, signed the agreement to that effect on Wednesday.  

"The CRS software is designed to simplify the reconciliation process by ensuring accurate matching of financial data, which is essential for regulatory compliance and maintaining financial integrity," the company said in a statement. With the introduction of this software, Shangri-La Development Bank aims to improve its internal operations, reduce manual work, and increase overall efficiency in financial management, it said.

Subash Paudel, Corporate Manager at Infodevelopers, said, "Our CRS software is built to offer smooth integration, faster processing, and greater accuracy, which we believe will significantly enhance the bank's operational efficiency."

Likewise, Apoorba Prasad Joshi, CEO of Shangri-La, added, "As part of our ongoing efforts to improve the efficiency and reliability of our financial operations, we have chosen Infodevelopers’ CRS software. This will streamline our reconciliation process, minimize errors, and enhance the quality of our financial reporting."

Published in The Rising Nepal daily on 15 November 2024.  

CIM wins CACCI Awards

Kathmandu, Nov. 13

The Chamber of Industries Morang (CIM) has won the prestigious CACCI Award for the Best Local Chamber, Best Chamber in the 'Big Category' and a cash prize of US$2,000.

The association outperformed over 81 local industrial and trade chambers from 27 countries across the Asia-Pacific region.

The award was presented to CIM's President, Rakesh Surana, at the closing ceremony of the Economic Forum and the 38^th CACCI Conference, jointly organised by the Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) and the Singapore Manufacturing Association in Singapore on November 10-11.  

CACCI recognised the CIM for its role in promoting local economic development, advocating for policy reforms, and contributing to industrial activities and overall economic and industrial growth.

The competition featured 81 business organisations from 27 member countries, with CIM standing out based on its initiatives, documentation, and programmes aimed at industrial advancement.

Expressing his delight at winning the international award, President Surana credited the achievement to the collective efforts of the executive committee, member industries, the Federation of Nepalese Chambers of Commerce and Industry, and the association’s well-wishers. He also invited business delegates from various countries attending the CACCI Conference to participate in the Koshi Province Investment Summit and the Birat Expo 2025, scheduled to be held in Biratnagar from January 24-26.

President Surana led the delegation to Singapore which included past president Suyash Pyakurel, senior vice-president Nanda Kishor Rathi, and vice-presidents Raj Kumar Golchha and Bholaeswar Dulal, among others.

Published in The Rising Nepal daily on 14 November 2024.  

Ambassadors urged to focus on conomic diplomacy

 Kathmandu, Nov. 13

The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has pledged continuous support to Nepali diplomatic missions abroad in promoting investment, tourism, and exports.

Speaking at an interaction organised by FNCCI for 17 newly appointed ambassadors and three consuls general, its President Chandra Prasad Dhakal highlighted the federation’s efforts to establish a Foreign Investment Support Desk, aiming to serve as a bridge between investors and the government.

Emphasising the need to create an environment that genuinely attracts foreign investment, he urged the new ambassadors to prioritise economic diplomacy as a standard in their work.

Dhakal also urged the ambassadors to leverage FNCCI’s extensive international network that includes partnerships with around 50 private sector institutions and chambers worldwide. According to him, the FNCCI offers foreign membership, which could be used to engage foreign companies and institutions.

"Foreign investment in Nepal has stagnated at just Rs. 7 billion to Rs. 9 billion annually over the past two years which is just about 0.2 per cent of the country’s GDP," Dhakal stated. He stressed the importance of making investment promotion a collective concern. Highlighting Nepal's economic strengths, he argued that positive factors, such as strong foreign currency reserves, could appeal to international investors.

Dhakal also suggested for collaboration between Nepali missions and FNCCI to organise investment promotion events. He pointed out the potential for exporting Nepali agricultural products to Middle Eastern countries and emphasised the need to address non-tariff barriers affecting Nepali goods in other countries.

Additionally, he mentioned that Nepal’s transition from a least developed country (LDC) will lead to the loss of international benefits, impacting the private sector, and called on the ambassadors to help minimise these effects.

Speaking at the discussion, the newly appointed ambassadors stressed the need to mitigate the impact of LDC graduation and expressed a willingness to work closely with the private sector to attract investment.

Chandra Ghimire, Nepal’s ambassador to the UK, highlighted the importance of initiating a bilateral tax exemption agreement. Krishna Prasad Wali, the proposed ambassador to China, suggested exploring the potential of exporting Himalayan water. Likewise, other ambassadors, including Kapil Shrestha (South Africa), Rita Dhital (Pakistan), Naresh Dhakal (Saudi Arabia), Sanil Nepal (Spain), Prakash Mani Paudel (Portugal), and Netra Prasad Timalsena (Malaysia), expressed their commitment to collaborating with the private sector.

Dr. Shankar Sharma, the proposed ambassador to India, urged participation in key events in India and requested a written summary of issues affecting Nepal-India relations.

Meanwhile, Dr. Sahayog Rupakheti, ambassador to Germany, called for FNCCI to advocate for GSP Plus privileges in European countries and emphasised discussions on ratifying ILO Convention 87.

Deputy Foreign Secretaries Laxman Khanal and Gyan Bahadur Magar stated that economic diplomacy remains a priority for the Ministry of Foreign Affairs (MoFA), with plans to take significant steps in that area.

Published in The Rising Nepal daily on 14 November 2024.