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The 30th annual general meeting (AGM) of the Nepal-India Chamber of Commerce and Industry (NICCI) elected Sunil KC as its president for the next two years. KC is the managing director of Singati Hydro Energy Ltd. 

KC has proposed establishing a NICCI branch office in New Delhi to create a permanent channel of communication between Indian and Nepalese businesses. “This will facilitate smoother trade and investment processes and provide a central hub for resolving any business-related issues,” he said.

Speaking during an event held in the capital recently, he shared that Nepal and India share immense potential to strengthen economic cooperation. However, there are gaps that still need to be bridged, particularly in attracting more Indian private investments into Nepal, which have declined in recent times. The private sector must play a pivotal role in our economic partnership, especially in areas like infrastructure, energy, tourism, digital economy, manufacturing, and innovation. He stressed that NICCI is committed to fostering these collaborations.

According to KC, one pressing issue is the long-standing challenge of exporting Nepali products to India. For instance, some Nepali shoe brands and agro-products like ginger and cardamom face numerous barriers that need resolution. Addressing these will not only boost Nepal’s economy but also ensure that Indian consumers can benefit from the high-quality goods Nepal produces. “We urge all stakeholders to prioritize this matter and work on a sustainable solution. The promotion of joint ventures in power projects is another key area where both nations can win,” said KC. “Nepal’s vast hydropower potential, when coupled with Indian expertise and investment, can lead to mutual prosperity. We encourage greater collaboration in this sector to harness our energy resources more efficiently.”

KC also proposed organizing a Nepal-India summit every year, stating that such a platform would allow stakeholders from both sides to discuss, debate, and resolve critical issues like foreign direct investment, trade facilitation, and economic growth. 

"We also see immense value in establishing targeted partnerships with Indian state governments to focus on attracting FDI in specific sectors. Each Indian state offers unique opportunities, and fostering such collaborations will allow us to tailor investments to meet regional needs and goals." said KC.

KC, who is also the executive Committee member of Federation of Nepalese Chamber of Commerce and Industry (FNCCI) and managing director of Asia Corp., added that the time has come to focus on the future by setting up the Nepal-India Innovation and Entrepreneurship Center. “This initiative will support startups, promote innovation, and create opportunities for young entrepreneurs to collaborate across borders, driving sustainable growth and technological advancement,” he said.

The government has resumed the process of appointing a new chairperson for the Securities Board of Nepal (Sebon) - the capital market regulator.

The recommendation committee formed by the Ministry of Finance has invited the three candidates, who were previously shortlisted for the position but failed to appear for the interview, for an interview and presentation session.

Issuing a public notice on Thursday, the committee notified the three candidates - Krishna Bahadur Karki, CEO of Nepal Stock Exchange, Chiranjeevi Chapagain, former chairperson of the Beema Samiti (now Nepal Insurance Authority) and Dr Navaraj Adhikari, executive director of SEBON - to attend the interviews and presentations at 8 am on October 4.

Out of five candidates shortlisted for the position, only Santosh Narayan Shrestha and Sebon's Executive Director Mukti Shreshta had attended the interview and presentation session conducted during the tenure of the then finance minister Barsha Man Pun of the CPN (Maoist Center). There were rumors that the other three skipped the interview after knowing that one of Santosh and Mukti would be appointed to the position. 

Since the recommendation committee was required to recommend three names, the appointment process became complicated when legal questions arose about whether only two could be recommended for appointment. The recommendation committee had even sought the opinion of the Office of the Attorney General on whether to proceed with the recruitment process.

Although the then Attorney General Dinmani Pokhrel had advised that there were no legal obstacles to making the appointment, the selection process was ultimately canceled due to disagreements within the selection committee. 

After the process was canceled, Santosh Narayan Shrestha, one of the interviewed candidates, moved the court against the decision and managed to get an interim order against the decision to terminate the selection process.

The Supreme Court has scheduled a final hearing into the case for January.

Sebon has been without a leader since the first week of January when Ramesh Kumar Hamal completed his term. The parliamentary Finance Committee last month directed the government to end the leadership vacuum by immediately appointing a qualified and suitable person to lead the stock market regulator.

Realizing that the leadership vacuum in Sebon was affecting the country's stock market, Minister for Finance Bishnu Prasad Paudel had recently sought fresh advice from the Office of the Attorney General. It has been learnt that the office has suggested to Paudel that the process can move forward.

People privy to the issue said the appointment process, however, will not be free from controversy. They say former finance minister Pun's statement that his government fell because he refused to bow to interest groups in the Sebon chairperson appointment will make the appointment process complex.

Foreign employment professionals have demanded that the government take initiatives to lift the ban on sending Nepali workers to the UK on seasonal visas.

In an event held on Wednesday, they said that the government should make efforts to lift the UK-imposed ban on taking seasonal visa workers from Nepal to the agricultural sector after 2022. 

Chris Roebuck, a consultant at GoFund International Limited, the organizer of the program, said Nepali workers are losing opportunities. "There is a lot of demand in agriculture for migrant workers on seasonal visas in the UK," he said, "but Nepal is deprived of that opportunity." According to him, the UK is bringing in 45,000 migrant workers annually. But as the UK has stopped taking Nepali workers, Nepal has lost this opportunity.

The UK stopped taking workers from Nepal from 2023, citing reasons such as workers being cheated by manpower companies while sending them through seasonal visas from Nepal, and the illegal stay after visa expiry. A total of 3,600 Nepali workers went to the UK on seasonal visas in 2022. 

But now, Roebuck said, the Nepal government should initiate efforts to lift the ban on seasonal workers from Nepal. "Until 2029, the UK will take workers on this visa," he said: If the current situation continues, Nepali workers will miss out on this opportunity. The government of Nepal should take the initiative in this matter.

Other participants at the program, including representatives of the business community, also expressed concern that Nepali workers will continue to be deprived of opportunities if the government of Nepal does not work with the UK government to send seasonal workers.

The Nepal Stock Exchange (NEPSE) plunged by 32. 81 points to close at 2,486.76 points on Thursday.

Similarly, the sensitive index dropped by 5. 34 points to close at 447. 45 points.

A total of 13,691,596-unit shares of 322 companies were traded for Rs 4. 84 billion.

Meanwhile, Wean Nepal Laghubitta Bittiya Sanstha Limited (WNLB) was the top gainer today with its price surging by 9. 85 percent.

Likewise, Green Ventures Limited (GVL) was the top loser with its price dropped by 10. 00 percent.

At the end of the day, the total market capitalization stood at Rs 3. 95 trillion.