Ravi Bhakta Shrestha has been elected president of the Federation of Nepalese Chambers of Commerce and Industries (FNCCI). Shrestha was first vice-president of the FNCCI.

Nobody filed nominations for the presidency until the prescribed time 6 PM Monday. Ravi Bhakta Shrestha succeeds Pradip Shestha. Meanwhile, a group of FNCCI members led by industrialist Binod Chaudhari are preparing to set up a separate organisation called the Confederation of Nepali Industries.