”Chambers of Commerce: Helping Businesses Get SET for the Future”
Focusing on the theme ”Chambers of Commerce: Helping Businesses Get SET for the Future”, this year’s annual CACCI gathering featured invited speakers who shared their views on strategies that businesses may pursue for navigating – and creating new opportunities – in the post-pandemic business and global market environment through the three-pronged SET principle of Sustainability, Entrepreneurship, and Trade. The Conference was officially opened with the traditional Nepalese lighting ceremony officiated by the special guests.
FNCCI President Mr. Chandra Prasad Dhakal in his Welcome Remarks stated that the three important aspects focused on by the Conference theme – namely, Sustainability, Entrepreneurship, and Trade – are the key pillars for economic development in the region, and that with the theme, CACCI aspires to create a more prosperous future forthe Asia-Pacific region.
Noting the country’s location to be between two economic powerhouses – India and China – Mr. Dhakal said that Nepal holds a strategic position at the heart of the Asia-Pacific region. He said that Nepal’s people and economy have been showing their strength to bounce back from major natural disasters and global economic shocks.
He highlighted the current strength of the country’s economy to include a robust foreign exchange reserves and positive balance of payments; sufficient liquidity in the banking sector to lend to private businesses; rich and growing energy sector with a huge market in its neighbors India and Bangladesh; strong tourism sector since Nepal has always been a popular destination for international tourists; huge prospects for manufacturing, agro processing, ICT, pharmaceuticals, herbs and herbal sectors; and duty-free market access to India, China, the EU and other developed countries. He added that Nepal aspires to establish wider connectivity, physically and digitally, with South Asia, Asia-Pacific region, and beyond.
In his Welcome Remarks, CACCI President Mr. Peter McMullin AM expressed his hopes that the Conference would provide CACCI members, invited speakers and guests a platform to share their views on strategies that businesses may pursue for navigating – and creating new opportunities – in the post-pandemic business and global market environment through the three-pronged SET principle of Sustainability, Entrepreneurship, and Trade.
He explained that Sustainability is critical for SMEs to gain a competitive advantage in today’s market, to be able to manage business risks, grow their brand and enhance their access to capital. Entrepreneurship and particularly inclusive entrepreneurship supports people with new ideas to solve some of their most entrenched challenges. Trade support is a critical service Chambers provide to the business community as it not only helps business supply the world with the goods and services we all desire but it also builds and maintains cross-border relationships.
Mr. McMullin stressed that as members of chambers of commerce and other business organizations – both regional and international – “we have a shared future. We therefore need to help each other to address challenges on the basis of consultation and coordination and pursue common development. We need to share our insights, build consensus and contribute to promoting development and prosperity in Asia and the world.”
Echoing the message of Mr. McMullin on the Conference theme, CACCI Vice President and Former FNCCI President Mr. Pradeep Kumar Shrestha said that sustainability is not only merely a choice but is an absolute necessity for the well-being of our planet and future generations, that entrepreneurship fuels innovation, job creation, and economic growth, and that trade unites nations in an increasingly globalized world and is indispensable for shared prosperity.
The Keynote Speaker Dr. Baburam Bhattarai, Former Prime Minister of Nepal, stated that the Asia-Pacific region stands at the forefront of economic growth and change. While its diverse cultures, economies and political systems paint a complex picture, the collective rise of countries in this region has had a profound impact on the global stage, making it crucial to examine their unique trajectories, he added. “The market size available for domestic or reginal consumption and the younger population, which is more productive, is the strength of this region that needs to be harnessed,” he further elaborated.
The Special Guest Dr. Prakash Sharan Mahat, Honorable Finance Minister of Nepal in his Address urged the Conference participants to utilize and take advantage of the opportunities offered by Nepal. He said that the country is looking for the meaningful support of organizations such as CACCI and their members in improving the living standards of the people to the region by making use of the immense potential in the fields of renewable energy, tourism, infrastructure, and information technology, among others.
Chief Guest Mr. Ramchandra Paudel, Right Honorable President of Nepal, in his Address urged international investors and businessmen to invest in Nepal, noting that investment areas are increasing in Nepal and laws are being made to facilitate investment. Nepal is lying geographically between China and India, making the country a natural gateway for businesses looking to tap into that big consumer market, he noted. He called on foreign investors and international industrialists to invest in sectors with high potential and prospects of significant return in investment, such as agriculture, tourism, and energy.
Noting that small and medium enterprises are the backbone of Nepal’s economy as they create growth, innovation, and jobs, President Paudel remarked that entrepreneurship is not just about starting a business but is also the strongest foundation for embracing innovation, intensifying diversity, and solving the biggest challenges of our communities alongside adopting sustainable practices. He therefore said that the CACCI Conference is timely and relevant to address the challenges of this era and utilize the opportunities of investment and business. He pointed out that the role of chambers of commerce and industry in the Asia-Pacific will be decisive to bring about positive and aligned changes in the world trade scenario.
In his Vote of Thanks delivered at the end of the Opening Ceremony, FNCCI Vice President Mr. Anjan Shrestha stated that the Conference will set a common vision for unity, cooperation, and prosperous future. He pointed out that the conclusions of the Conference will be important for the prosperity of the Asia Pacific region, including Nepal.
