March 24: Though external economic indicators are positive, entrepreneurs and businesspersons are feeling discouraged as demand and investment have fallen.  In such a scenario, stakeholders emphasized the need for the businessmen and entrepreneurs to accelerate their investment and come up with innovative ideas with self-confidence and optimism.

During a panel discussion themed “Business Opportunities in Difficult Times” at eight Edition of 'Newbiz Business Conclave and Awards - 2024' held in Kathmandu, businessmen and entrepreneurs stressed on the significance of enlarging confidence.

A very insightful panel discussion moderated by Ranjit Acharya, CEO of Prisma Advertising had Amlan Mukherjee, Managing Director of Unilever Limited, Anand Bagaria, Managing Director of Nimbus Holdings and Sewa Pathak, CEO of Vianet Communications as panelists.

Mukherjee highlighted the necessity of mastering fundamental aspects. He pointed out the gap between Nepal's population and its GDP, emphasizing the country's potential for business. Providing quality services, offering smaller-scale products, investing in advertising, and leveraging digital technology were identified as crucial strategies for business resilience during difficult periods.

Mukherjee emphasized that failure to invest during tough times risks losing market share to competitors, while strategic investments yield favorable outcomes upon the return of normalcy.

On the strategies for revitalization, Mukherjee addressed the challenges posed by population migration both domestically and internationally. He noted that the aspirations of Nepali youths, influenced by their exposure abroad, drive demand for quality products. Mukherjee emphasized the importance of a brand's image and its societal impact, citing Unilever's success during the COVID-19 pandemic.

Mukherjee stressed the importance of positive communication among business leaders and companies to inspire confidence and drive momentum during the difficult times.

Bagaria advocated for optimism as a key strategy to navigate difficult times, citing the emergence of successful online businesses during the pandemic. He urged for increased consumerism to stimulate economic activity, emphasizing the need for more than just legislative amendments for recovery and growth.

In terms of business revitalization efforts, Bagaria highlighted the importance of acknowledging problems, analyzing them, and adopting innovative solutions. He emphasized synergistic partnerships, direct consumer communication, and maintained optimism for growth.

Pathak shared Vianet Communications' substantial growth, attributing it to advancements in internet technology and the rise of platforms like TikTok. She underscored the importance of infrastructure development to thrive in a competitive market and discussed challenges in retaining IT professionals amidst brain drain trends.

Pathak outlined strategies such as sustainable HR practices, incorporating AI, facilitating remote work, and identifying and training key resources to address these challenges.

In terms of reinforcement strategies, Pathak emphasized the pivotal role of the private sector in the national economy. She advocated for enhancing consumerism, fostering a startup culture, and prioritizing quality services to drive growth and resilience in the private sector.