May 19: Chairman of the Securities Board of Nepal(SEBON) Ramesh Hamal said that Nepal has possibility of having a USD 100 billion economy by 2030.

While addressing the “NewBiz Startup Summit and Awards-2023,” Hamal said Nepal could have possibility of USD 100 billion economy with partnership and collaboration of the private sector.

SEBON Chairman Hamal further stated that the government and its agencies should create conducive eco-system and suitable platforms for the private sector to build favorable environment for businesses and enterprises to grow in the country.

“It is the private sector that does business and the government has to formulate right polices and build the right eco-system for the private sector to do business,” he highlighted.

Nepal may be unique in tradition and culture, but the country has to catch up with the world in domains of commerce and business for the economic growth. For helping the business growth, the government has to develop and put easy and right  mechanism to lure in foreign investors. “We have to be on par with globe. We should have entry doorway and exit mechanism to attract FDI. We are changing the rules and polices to lure more investment,” he stressed.

Hamal said that the SEBON has formulated the draft for Small and Medium Enterprise Platforms and sent it to the Cabinet for approval to sign it into law.  Any company with a paid-up capital below Rs 250 million will be listed in the SME platform, according to Chairman Hamal.

SEBON will relax some requirements, and provide incentives to small and medium enterprises.

 “This will enable SMEs to receive funds from the public,” Hamal stated.

Drawing the examples of big tech companies such as Apple Inc and Google, Hamal emphasized the need to provide funding to the startups for the growth of business. He said that the government, private sector and investors have to work in collaboration to foster the culture of startup and help them succeed.

Hamal further said that he is committed to creating additional channels in the digital domain for investment. This will help Nepal leapfrog in technology, Hamal expressed his belief.

Speaking at the at the programme, Tim Gocher OBE, founder and CEO at Dolma Impact Fund, said that Nepal requires billions of investment to scale up the startup and growth of other enterprises in the country.

Gocher stated that his company despite the ongoing global recession invested 20 million dollars in four Nepali companies in the last two months. He joyfully shared that the investment committee of Dolma Impact Fund has additionally approved USD 2 million investment for Upaya Cargo.

Similarly, Gocher stressed that Nepal requires massive investment to meet its target of achieving 10 per cent growth in Sustainable Development Goal (SDG). Likewise, he appreciated Securities Board of Nepal (SEBON)’s initiatives  of licensing private equity funds to attract more fund to Nepal.

Gocher informed that Dolma Impact Fund has collaborated with different private companies such as IME Group and invested in various companies including start-ups in Nepal.

Secretary Dr Toya Gyawali of the Ministry of Industry, Commerce and Supplies said the government should focus on innovation, investment, infrastructure, and institutionalization for the growth of startups.

Secretary Gyawali said that the government should give priority to three things: legal framework, building network, and overall eco-system to boost up startups in Nepal.

He shared that startups are led mainly by management and science students. He added that the government had placed emphasis on institutional support for fostering innovation, giving access to the market, and finance.

 Likewise, Rastriya Swatantra Party’s lawmaker Dr Swornim Wagle said that startup is the future of Nepal. The government should play a role to bridge the gap between the past and the future to enhance the culture of startup in the country.

Dr Wagle said that various conditions including innovation and infrastructure should be taken into consideration for the success of the startups. He shared that Nepal lacks not polices but their execution.

Dr Wagle said that Nepal can become a respectable middle-income country in matters 25 years.