Nepali officials as well as tech entrepreneurs have called upon the global IT giants to tap the potential being offered by Nepal in the information technology sector, claiming the country is being emerged as the next emerging tech hub.
Addressing an event organised by the Embassy of Nepal in London on Tuesday, Nepal’s ambassador to the United Kingdom, Gyan Chandra Acharya, said that Nepal is emerging as a tech hub and that global businesses should take note of it.
“We have a young, dynamic population and the country is moving towards socio-economic transformation. Nepal government’s policy is to support the promotion of information technology,” says Ambassador Acharya, adding, “We are looking for a partnership with all – IT experts, private sector and international agencies. We can make Nepal a tech hub if we put our resources together.”
Saying that broadband internet connectivity was over 60 per cent in Nepal and there was a huge talent pool in the country, Ambassador Acharya urged British investors to invest in Nepal including in the IT sector.
A joint secretary at the Ministry of Communication and Information Technology, Anil Kumar Dutta, said that the government of Nepal was promoting the use of information and communication technology in almost all sectors of governance, hoping Nepal would soon be an emerging tech hub. Dutta said that Nepal adopted the Digital Nepal Framework in 2019 and was implementing it now with a view to providing transparent and efficient services to the general public.
“The government welcomes investment in the IT sector and we have so many prospects in this area,” he said, adding the government was ready to reform existing laws and regulators so as to facilitate foreign direct investment in the IT sector.
‘Promoting Nepal as an emerging tech hub’
During the event, Anjani Phuyal, the founder of Genese Solution, a multinational digital transformation company, said that besides hydropower and tourism, Nepal now is being seen as a country with vast IT potential.
“Nepali IT professionals are now working in major IT companies in the US, Europe and other countries and Nepali IT companies based in Nepal are providing their services to global businesses,” said Phuyal, “Nepal is now producing almost 70,000 graduates every year in STEM (science, technology, engineering and mathematics) subjects.”
Phuyal said that the government of Nepal should emulate policies of the UK, India, Israel and Singapore, for example, to develop the country as an emerging tech hub. He also called upon the government of Nepal to adopt the Cloud First policy, reduce the minimum FDI threshold, promote ICT education in collaboration with AWS and Microsoft Academy and introduce policies like e-residency. “Global investors can begin to create a connected Nepali workforce,” he said.
Taking part in the panel discussion, the chief executive officer of Dolma Impact Fund, Tim Gocher said that the companies the fund has invested in now combinedly employ around 10,000 people. “Infrastructure is already there and many talents are there. The cost of doing business is much lower in Nepal compared to other countries in the region.”
“The process to get money into Nepal is quite tedious and it can take up to a year. The delay on part of the government can change the mind of the investors. Delays are destroying. Nepal should learn from India where the FDI regime has been turned automatic,” said Gocher.
The chairman and CEO of MBI MBO Ltd, Bryan Duffy, said that technology could transform either business or consumer products. “Nepal should provide great innovator service, great value, and less bureaucracy. Businesses need to be agile because we are living in a changing world,” said Duffy, adding, “It’s all about people and culture. You should create a culture that can inspire generations. Innovation is about looking at problems and trying to resolve them through a different perspective.”
Bryan Duffy said that Nepal has a great future as an emerging tech hub. “Nepalese are intelligent, hard-working and creative. The government should also focus on Research and Development.”
