Business News (Business Age)

Business News

PM inaugurates NCC golden Jubilee

Prime Minister Sher Bahadur Deuba has inaugurated the commencement of Golden Jubilee Celebration of Nepal Chamber of Commerce (NCC) in his own office at Singha Durbar by unveiling the logo of the celebration.

King Gyanendra wished a successful future to the NCC for observing its golden jubilee.

On the Chamber-logo unveiling ceremony, PM Deuba praised the role of NCC in promoting the business sector of the country and also expressed his best wishes to NCC on successfully completing 50 years of establishment.

ILO’s recommendation on poverty alleviation mechanism

With the objective of contributing to the government’s Poverty Reduction Strategy Paper (PRSP) and also to the Tenth Five Year Plan, the International Labor Organization (ILO) put forwarded various policy recommendations which would be helpful in uplifting living standards of poor people surviving below the poverty-line.

The recommendations were drawn out during a one-day National Consultation on Decent Work for Poverty Reduction organized by the ILO, Kathmandu Office with support from its headquarters and local partners. The recommendations were primarily based on gender mainstreaming, healthcare, social security, employment-impact assessment, private sector involvement in development, systematizing foreign employment, vocational training, legislative reforms and issues of unorganized workers, among others.

According to the organizers, the national consultations, taking stock of the regional perspectives, will focus on defining viable, implementable strategies, policies and programs for promoting Decent Work for Poverty Reduction over the next few years.

On the occasion, it is informed that the growth rate for the next five years has been projected at 6.2 percent, which would be met through effective implementation of government plans and policies.

Interaction on VAT held

With the purpose of discussing technical problems of Value Added Tax (VAT) and its solution with accounting aspects, Chartered Academics International (P) (CAIP) Ltd organized a seminar on VAT. Although implication of the VAT is difficult for maintaining day to day account Inland Revenue Department is said to be ready to help explaining the technical problems of VAT any time.

CAIP Ltd has been providing training to accountants on VAT since last five year and actual VAT is related to the accountants of the organization CAIP mainly focus on accountants for the training, inform the IRD sources.

Although some 280 accountants were invited in the program, only about 150 attended. Participants were both from the private and public sectors such as Beltronix, Nepal Gas, Dabur Nepal, Golchha Organization, Nepal Telecommunication Corporation, NIDC, Civil Aviation National Trading Ltd, Butwal Power Company, among others.

Phony Brands Jeopardise Govt. Revenue

As the entire South Asian region is plaguing from the flood of counterfeit products and brands, it has not only handicapped manufacturers and government but almost all segments of society.

Ranging from electronic items to pharmaceuticals, food and fast moving consumer goods (FMCGs), numerous phony brands resembling to internationally recognized brands are available in the markets.

Consumer rights organizations and entrepreneurs have long been demanding with the government to check such malpractice. The private sector and consumer activists in many countries have initiated steps to curb such manufactures of counterfeit products in the local market as well as its inflow from other countries.

The blame largely goes on the governments’ failure for implementing laws on Intellectual Property Rights (IPRs), including the implementation of consumer protection laws thereby encouraging the unethical usage of established brand names.

So much so that even the global rules based trading system opposes the manufacture of such products through the much-debated agreement on Trade Related Intellectual Property Rights (TRIPS).

The BPC formed under FNCCI only two years back spires to fight against counterfeiting and unethical usage of brand names in a regional manner. The aim is to put brand name mis-users and bogus manufacturers behind the bars and make consumers aware. The Federation of Nepalese Chambers of Commerce and Industry (FNCCI) is the first non-Indian business organization to be approached to fight counterfeiting.

Current contract system blamed for corruption

Office bearers of Nepal Contractor Development Association (NCDA) urged the government to develop free competition parameters allowing all contractors to apply for the bid as the current system is fostering anomalies in the construction industry.

"The current system of pre-qualification and post-qualification has made the entire contracts go only to few of the contractors having bureaucratic linkages which has hindered the proper development of the sector has even fostered corruption," they said.

Speaking at a press meet organized by NCDA today, Aang Kipa Sherpa, Chairman of the Association, said that the government should take actions against unethical practitioners and corrupt government officials and stress on curbing prevalent corruption.

Despite various legislative provisions being in place to avoid nexus between bidding parties and officials controlling unethical practices and corruption, they have become ineffective, he said, adding that there were a number of examples where the laws have been defied.

ADB’s Aid For Water Project

The Asian Development Bank (ADB) has provided technical assistance worth $7,50,000 (Rs 56 million) for a community-based water supply and sanitation project. The technical assistance agreement was signed today by finance ministry’s secretary Bimal P Koirala and ADB country director (Nepal resident mission) Richard Vokes.

The grant would be made available from ADB’s Japan Special Fund (JSF), financed by the Japanese government. According to ADB, the assistance will include a professionally facilitated sector-wide consensus building among all stakeholders to ensure effective local participation in the development of the proposed project.

The assistance will cover nearly 80 percent of the total cost, $9,10,000, of the technical assistance and the remaining amount will be financed by the government, ADB stated. The project will be implemented over 10 months, starting June this year.

The proposed project, as informs the ADB sources, supports the government’s poverty reduction strategy and ADB’s overarching goal of poverty reduction by improving the living conditions of the poor, particularly women and children who face the brunt of water-relate hardships.

The project will be implemented by the ministry of physical planning and works to priorities investment decisions and identify effective implementation modalities and key policy constraints in the sector, he added.

NRB celebrates 47th anniversary

Despite the worse economic performance, the montery indicators are still capable to cope with the present economic doldrums. This was informed by Dr Tilak Rawal, Governor of Nepal Rastra Bank (NRB), at a function organized by the central bank to mark its 47the annual anniversary.

Dr Rawal added that foreign currency holdings with the central bank is sufficient to cover twelve month’s merchandise imports and the government has been successful to control inflationary pressure.

Dr Rawal said that Nepal Rastra Bank’s new Act has provisioned for an independent central bank that can function according to a need of the economy. However, he added, "Main problem lies with the effective and practical implementation of the provisions stated in the new act."

Government introduces new industrial Policy

After years of objections from different quarters and demands from the business sector to amend the Industrial Policy-1992, which was enforced soon after the restoration of multi-party democracy, the government has finally come up with a new Industrial Policy-2002 in an attempt to maintain long term industrial growth.

As per the Industrial Policy draft prepared by the Ministry of Industry, Commerce and Supplies (MICS), the new policy was made on the basic tenets of Industrial Policy of 1992 taking into account the draft of the Industrial Development Perspective Plan: Vision 2020.

Niranjan Baral, Spokesman at the Ministry of Industry, Commerce and Supplies said that the ministry has already prepared a new industrial policy and is under discussion for giving final shape within a few days.

The basic thrust of the new Industrial Policy is to enable the industrial sector to play a lead role in national development making technology transfer and foreign investment in flow easy. After the implementation of the policy, the private sector will have more freedom for action.

Moreover, the new policy emphasizes on expediting industrialization of the country through policy support and make conducive environment through necessary support and incentives.

Regarding the policies adopted in the draft report of the government, the policy will also facilitate implementation of industrial investment projects, focus on export orientation, put in place an incentive system that is consistent with the multilateral trade rules and which takes account the direction of SAARC regional cooperation arrangements, including SAPTA and the proposed SAFTA.

PATA Merit Award to Mishra

Basant Raj Mishra, Executive Chairman of Temple Tiger Group of Companies, has been awarded the PATA "Award of Merit" in the recently held PATA Annual Conference in New Delhi. The award was given to Mishra in recognition of his contribution to PATA especially through its various committees and Task Forces. The "Award of Merit" is presented to members as a lifetime acknowledgement for the service rendered to PATA. Citing Mishra’s contribution, PATA Adventure Travel and Eco-tourism Conference and pioneered the concept of promotional road-shows. The other recipient of the award was Ms. Dawn Drew, Publisher of National Geographic Traveler for her leadership and strong commitment to PATA.

The Prime Minister of India, Atal Bihari Vajpayee delivered the inaugural address and Dr. Karan Singh, Member of Parliament was the keynote speaker during the function. India’s Minister for Tourism and Culture Jagmohan was among the many dignitaries present during the conference.

Kantipur T.V. Network Gets Permit from HMG

Kantipur T.V. Network Pvt Ltd has got the permit to air its programs, form H.M.G under Act 13 of the Constitution of the Kingdom of Nepal (2047). The main aim of the Network will be to establish itself as a popular T.V channel among Nepalese staying in and outside the country stated the press release of the company. The Network will be bringing out national and international news in more convenient way and would be playing an important role in strengthening the democratic system of the country and bringing social reform.

It would be aired for 6-10 hours at first and than 24 hours later. Kantipur T.V. will own 50-corer capital by itself and providing employment to 3-50 hundred people. It would cover 45 percent of the country’s territory with and reach out to 70 percent of total population of Nepal within five years of establishment.

Ournepal.com: The complete picture

Our Nepal.com is newly established website and as the name and its slogan "the complete Picture" one can easily make out that it is going to be the biggest portal site in the Himalayan Kingdom of Nepal. It has become the official website of World Cub 2002 for Nepal in association with Avenues TV. The main portal site is still under construction and will be launch shortly in further but at the moment they are launching by being the official site of World cup. This site contains complete info of the world cup so far with fantastic pictures and wall papers. This site also have hundreds of prizes sponsored by different business houses. As per the management of our Nepal just the size of site is more than 50mb space.

By Business Age Reporter