KATHMANDU

Entrepreneurs and business owners have urged the government to fix the interest rate on loans by banks and financial institutions at a single digit.

Speaking at the inauguration of the Nepal Footwear Manufacturers Association’s 10th Annual General Meeting and the 5th Mahadhiveshan’ of the Nepal National Business Federation, President Kumar Karki urged the government to create a business-friendly environment for small and medium-sized businesses.

“Some entrepreneurs and business owners are forced to leave their businesses due to the high interest rates of banks and financial institutions, so the interest rates of banks and financial institutions must be fixed at a single digit,” he said.

President Karki also demanded the implementation of scientific rent control when housing becomes expensive. He also urged the government to take diplomatic initiatives to ease the problems faced by Nepali businessmen in China.

Former president of the federation, Naresh Katuwal, said that raw materials necessary for the production of jute products should be produced domestically.

Dakshmani Gautam, president of the Jute Business Association of Nepal, said that the government has given priority to domestically produced jute and has honored individuals contributing to the jute industry in the country.