Govt focuses on incentivizing entrepreneur: Minister Dahal

By Ajay Chhetri, Kathmandu, Dec 17: Minister for Physical Infrastructure and Transportation Devendra Dahal said that the government has been focusing on incentivizing entrepreneurs. 

Speaking at The Startup Summit Nepal 2024, organized by The Startup Network (Nepal) and PHDCCI (India-Nepal Centre) in Kathmandu on Dec 17, Dahal added that the goverment has prioritized startup in its programme and budget.   Minister Dahal viewed that startup will be fruitful for youth self-employment. He also emphatically urged the investors from countries like India, USA, and Turkey who were attending the summit today to look forward for collaboration with Nepali startups. 

Former Ambassador of India to Nepal and Chair PHDCCI, India-Nepal Centre Manjeev Singh Puri in the opening session of the summit said that Nepal has opportunity to find its collaborative partner for startup in India as its startups are thriving and economy is growing. While boosting the audience interested in startup he mentioned WOW Momo which has been increasing its outlet across India. Puri said’ “Do Nepal startup events in few critical places in India where startups are buzzing and where you might find complimentary. Bangalore is fine but also Chennai, Hyderabad are also close thing”.  He said Nepal reaching out to India for collaboration would be a great leverage for both the countries as India’s Startup ecosystem is third largest startup ecosystem in the world. 

Kamlesh Jain, Co-Chair, India-Nepal Centre, PHDCCI &ED & COO (International), Varun Beverage Ltd said Nepal as has been facing challenges like unemployment, dependance on foreign aid, trade deficit startup however boosting startup is a beacon of hope in addressing these challenges.   

Former Chief Executive Officer (CEO) of Investment Board of Nepal Sushil Bhatta said that Nepal entreprenurial ecosystem has grown significantly in the recent years. He said few incentives like startup policy, national startup enterprise policy and process of allocation of subsidized loan Rs 2.5 million at the concessional rate of 2.5 per cent have been playing instrumental role in triggering startup ecosystem in Nepal.  He said, “we need to have   a comprehensive regulatory framework to ensure the clear pathway to start new startup. We need more of dedicated agency like IEDI which is designated entity to ensure concessional loan is available”. 

Mark Templer, Political and Economic Chief, US Mission in Nepal said that startup is lifeblood of economy and creates job. He said of 10 largest companies in the world, five of them were started at the just last 30 years, Meta 2004, Tesla 2003, Google (Alphabet) 1998, Amazone 1994 and other companies like Microsoft, Apple. He said risk and failure are the building blocks of success. Templer said Bill Gates first company was Traf-O-Data. The company failed but got some valuable experience. Other Steve got fired from Apple. Same kind of story of Jeff Bezos. He said capital is lifeblood of startup, time and money build companies. We need to attract capital from the diaspora Nepali and need them to bring money back. 

The Economic Chief Templer also added that US government is proud to partnering  with Nepal. To trying invest in the society through US Aid, MCC, DFC and other institutions.  

In the summit, during the panel discussion session discussion were held on Nepali Startups, Sustainability, and Investment Challenges, Accelerating India-Nepal Cooperation in Startup Ecosystem, Accelerating Nepal’s Clean and Green Energy Landscape, and in the last startups for Minimizing Nepali Brain Drain. 

In the summit a startup pitching contest was organized among three top startups – Pal-Always with You, NotAI GPT, and Taximandu – competed for the Best Startup of the Year 2024 title and a cash prize of NPR 30,000. After a rigorous evaluation, Taximandu was declared the winner, earning both the award and the prize money.