FNCCI Chief warns against misuse of Gen Z protests, calls for immediate action

KATHMANDU: Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has acknowledged that while the Gen Z protests began with genuine intentions, certain elements infiltrated the movement, leading to vandalism, arson, and looting.

He urged the government to take immediate action against those responsible.

Speaking at an event marking National Tax Day, Dhakal emphasized that good governance, anti-corruption measures, and transparency are key priorities for the private sector.

Recalling FNCCI’s recent general assembly, he stated, “While the movement started with a noble purpose, it was infiltrated by elements involved in theft, arson, looting, and vandalism. Those responsible must be held accountable. Only then will the morale of the private sector remain strong.”

Dhakal warned that the misuse of protests has caused significant damage to personal property, industries, and businesses. He cautioned that failure by the government to ensure the protection of private sector assets could discourage future investment and undermine investor confidence. “If the government cannot provide security, such infiltrations will increase, and confidence among business owners will decline,” he said.

However, he praised the Ministry of Finance for its swift and effective measures to assist businesses affected by the protests.

Dhakal also lauded the ministry for providing online, faceless services ranging from customs valuation to taxpayer certificates, improving ease of doing business.

Highlighting the availability of over Rs 11 trillion in investable funds in banks, Dhakal urged the government to create an environment conducive to investment. “Despite ample funds in banks, some projects remain idle, increasing costs unnecessarily,” he said.

He also expressed dissatisfaction over delays in approving IPOs for hydropower projects and called on the Securities Board to resolve existing issues promptly.