Support for Innovation and Entrepreneurship Vital for Nepal’s Economic Growth – myRepublica

Prime Minister Pushpa Kamal Dahal’s remarks at the Nepal-EU Business Forum on Wednesday underscore a crucial truth: innovation and entrepreneurship are not merely buzzwords but the bedrock of Nepal’s economic future. In a world where innovation and entrepreneurship are key drivers of growth, it is heartening to see Nepal government upholding policies that foster a culture of creativity and enterprise. Prime Minister Dahal’s commitment to simplifying the investment process and promoting innovation couldn’t come at a more opportune time. As Nepal plans to graduate from its Least Developed Country (LDC) status by 2026 and achieve Sustainable Development Goals (SDGs) by 2030, the need for robust economic growth has never been more pressing. Central to this endeavor is the creation of employment opportunities and the retention of talented youths within the country’s borders.

Attracting foreign investment is a crucial step towards realizing Nepal’s economic potential. The enthusiastic participation of over 50 countries in the recent Nepal Investment Summit sends a clear signal: the international community sees Nepal as a promising investment destination. The Prime Minister’s assurance of openness for business further cements this perception, laying the groundwork for fruitful collaborations with EU-member countries and beyond. The introduction of the ‘automated route’ for foreign direct investment up to Rs 500 million is a commendable move that streamlines the investment process and demonstrates the government’s commitment to facilitating economic growth. By removing bureaucratic hurdles and providing clarity and transparency, this initiative paves the way for increased foreign capital inflows, essential for financing infrastructure development and fostering entrepreneurship.

However, attracting investment is only part of the equation. Equally crucial is the transfer of technology and managerial expertise that accompanies foreign partnerships. By leveraging international collaborations, Nepal can access cutting-edge technologies and best practices, enhancing its competitiveness on the global stage. Moreover, the influx of managerial talent can catalyze local entrepreneurship, nurturing a new generation of homegrown innovators and business leaders. The benefits of government support for innovation and entrepreneurship extend far beyond economic growth. By creating employment opportunities, particularly for the youths, Nepal can stem the tide of brain drain and foster a sense of optimism and pride among its citizens. Moreover, a vibrant entrepreneurial ecosystem can spur social innovation, addressing pressing challenges such as poverty alleviation, healthcare, and education. Thus, the government must support innovation and entrepreneurship to build a prosperous and economically resilient Nepal.