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FNCCI to facilitate Securing Investment for 50 Startups

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FNCCI to facilitate Securing Investment for 50 Startups
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March 23: With an ambitious plan of expanding the country's economy to Rs 100 trillion by 2030, the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has formed a Startup and New Industry Committee to facilitate 50 startup businesses to raise investment for their venture.

The federation said in a press release on Monday that they have already secured investment from 50 investors. However, it did not disclose the details of the investors.

The committee will open application in the first week of April. According to the president of the committee Ranjit Raj Acharya, the shortlisted applicants under the criteria set by the federation will be announced in the second week of April. The final list will be published within two months after intensive interviews.

Furthermore, he said that the entrepreneurs selected in the final stage will be mentored for three months and then introduced to the investors.

"The investors will choose the business idea they like and invest in it as per the need," he said, "There is an agreement that investors must invest in at least one business."

He claims that this program will help to increase the economy by developing entrepreneurship and creating employment in the country.

The federation has put it under the roadmap of the works to be done within the next two years. FNCCI President Shekhar Golchha said that the roadmap will be made public on April 11.

Stating that he has planned to create 800,000 jobs during his tenure, he said that the project will study startup / industry business along with job creation, take initiative for formulation of startup policy in collaboration with Investment Promotion Division under the Ministry of Industry to promote entrepreneurship with latest ideas in the country, identify entrepreneurs with new ides and help them move forward by raising necessary investment.

According to the federation, the entrepreneurs who have been running their business for at least one year will be able to apply for the program. Acharya said that all entrepreneurs working in the fields of agriculture, manufacturing business, information technology and others can apply.

 

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