The 48th annual general meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) started here today.

Constituent Assembly Chairman Subash Nembang inaugurating the meeting stressed the need for private sector’s active role in achieving sustainable economic development.

Despite having immense potential, the country has failed to achieve economic prosperity, he said, adding that the country is even importing agro-based products worth billions. Urging the private sector not to involve in tax fraud, he said that economic stability is not possible without discipline.

Likewise, FNCCI president Suraj Vaidya, on the occasion, said that the economy is passing through difficult phase. “The government has failed to spend capital budget that has pulled the economic growth down forcing hundreds of youths to leave country for foreign employment.

The industries are forced to operate at only 40 per cent of their capacity due to scheduled 12-hour load shedding, he added.

The annual general meeting that marked the end of current executive committee’s three year tenure.

As the incumbent FNCCI president Vaidya’s tenure comes to an end, the senior vice president Bhaskar Raj Rajkarnikar and vice president Pradeep Jung Pandey are vying for the top post of the private sector. The private sector will vote for 14 executive member from 14 zones, 16 representatives from associates, 12 from commodities groups, 14 from districts and three vice-presidents and a chairman.

The election is slated for tomorrow.

During the three year tenure of Vaidya, the FNCCI tried to bring political parties on one table for the common minimum economic agenda. It has also identified high potential sectors like agriculture, energy, infrastructure, service industry and mines and minerals for the job creation and economic growth in the country.

Likewise, the umbrella organisation of the private sector also showcased some 53 potential projects that could attract foreign investment in the country.

Though the government declared Nepal Investment Year 2012-13 at the initiation of FNCCI, the political instability made it hard to mark the year as envisaged.

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