KATHMANDU, Jan 29: Nepali industrialists and businesspersons have emphasized the need to implement a one-door system by removing legal complications to create a conducive investment environment and to establish and promote startups and small and medium industries in Nepal.
Speaking at the second session of the Startup and SME Conference, organized by the Nepali Congress’s Entrepreneurship and SMEs Development Department on Wednesday at the party office in Sanepa, speakers stressed that the government should eliminate legal hurdles to facilitate investment.
Chandra Dhakal, president of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), said that the ordinance introduced by the government has eased processes for industrialists and businessmen and urged its swift implementation.
He said that since the FNCCI cannot directly support everyone, encouraging youth investment in startups could attract more participation.
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Likewise, Shova Gyawali, president of the Federation of Women Entrepreneurs Association of Nepal (FWEAN), emphasized the importance of prioritizing Nepali products and highlighted the role of economic networking in facilitating business operations. She said that banks and financial institutions must trust entrepreneurs in the industry, asserting that self-reliance is only possible if Nepal utilizes its locally-produced materials.
She said, “Since economic networking is crucial for conducting business smoothly, banks and financial institutions must have confidence in entrepreneurs. We cannot achieve self-reliance without utilizing Nepal's own resources. First, we must trust ourselves.”
She further said that 5,500 women entrepreneurs are affiliated to the FWEAN, highlighting that Nepali women are continuously striving for self-reliance. She added, “We have informed the state that 52 percent of the population is women. We seek to claim 50 percent of our rights, whether in politics or business, and we should be given that opportunity.”
Similarly, Business Oxygen CEO Siddhant Raj Pandey emphasized the need to retain youth in Nepal by eliminating legal obstacles and ensuring a smooth investment environment.
He said that alternative investment avenues should be expanded, and industrialists and businessmen should benefit from a one-stop system that removes legal complexities and facilitates the establishment and promotion of startups and small and medium enterprises.
During the occasion, Chaudhary Group’s Managing Director Nirvana Chaudhary said that financial institutions have created a favorable investment environment, adding that if the government streamlines legal frameworks to promote innovation, the country’s economy will not come under pressure. He asserted that economic transformation is possible if youth are encouraged to pursue entrepreneurship with a positive mindset.
Engineer Umesh Kumar Gupta, executive director of the Industrial Enterprise Development Institute, said that the scope of startups has been expanding in recent years. He said, “The startup ecosystem has been growing in the past few years. We continuously support entrepreneurs until they establish themselves. Since last year, we have been advancing policies, including startup loans. The foundation for this sector's expansion is being laid.”
Gupta added that much remains to be done to foster entrepreneurship. He said, “If the government facilitates the legal system for industrialists and businesspersons, it will not be difficult for young entrepreneurs to enter the business sector.”
