The 8th NewBiz Business Conclave and Awards - on March 22 saw the presentation of awards across eight categories as well as a panel discussion on 'Business Opportunities in Difficult Times'.
NewBiz Report
When confronted with challenges, businesses have a decision to make - whether to maintain the status quo or take the risk of innovation with additional investments while upholding optimism. The Nepali private sector has been experiencing the same situation for the past year as well. Although Nepal's external sector is in a favourable position, the private sector is grappling with an economic slowdown. It, therefore, has become crucial for them to devise business strategies to navigate through this challenging period.
The 8th NewBiz Business Conclave and Awards 2024 addressed this concern on March 22 during an event dedicated to discussing strategies for capitalising on business opportunities amid challenging circumstances. Additionally, it also celebrated and honoured businesses and leaders for their exceptional achievements and contributions.
The crème de la crème of Nepal's business community assembled at the flagship event of New Business Age Pvt Ltd - the 8th NewBiz Business Conclave and Awards - on March 22. The event saw the presentation of awards across eight categories as well as a panel discussion on 'Business Opportunities in Difficult Times'.
New Business Age Pvt Ltd has been organising the Business Conclave and Awards annually since 2013 to recognise and honour exceptional companies. The eighth edition of the event attracted an enthusiastic audience which included prominent government officials, policymakers, corporate leaders, economists and other distinguished guests.
The panellists, including Unilever Nepal Managing Director Amlan Mukherjee, Nimbus Holdings Managing Director Anand Bagaria, and Vianet Communications CEO Sewa Pathak, underscored the significance of prioritising fundamental practices, enhancing efficiency, innovating products and sustaining continuous communication with consumers.
Inaugurating the event, Minister of Industry, Commerce and Supplies, Damodar Bhandari, expressed commitment to address the diverse challenges confronting industrialists and businesses to strengthen the nation's economy. Bhandari said there is a need to confront current obstacles and inspire confidence within the business community. Recognising the prevalent pessimism in the private sector and the troubling departure of youths from the country, he said the government will respond to these challenges. He also reiterated the commitment to work closely with the private sector to cultivate an environment conducive to economic growth and stability.
In his keynote address, Manab Majumdar, senior advisor to The Federation of Indian Chambers of Commerce & Industry (FICCI), said a combination of readiness, resilience and adaptability is a must to navigate through difficult times. Citing a key lesson from history, Majumdar said crises often present opportunities for growth and innovation. "By examining historical examples, we can glean invaluable insights into how enterprises not only survived but thrived amidst adversity. From the Great Depression to the Global Financial Crisis, companies like Disney, WhatsApp, and Starbucks serve as examples, demonstrating how challenges can spur innovation and opportunity. These companies not only weathered the storm but also used adversity to propel their growth," he added.
Stating that business leaders are not just decision-makers but strategic thinkers akin to economists and government officials, Gopalakrishnan G, Asian Paints Country Director for Nepal, underscored the importance of proactive engagement in identifying and capitalising on opportunities during turbulent times. "Instead of passively awaiting industry recovery, we must pursue avenues to drive growth and innovation. Through a forward-thinking mindset and harnessing our collective expertise, we can navigate adversity and emerge stronger," he added.
Honouring Best Companies
The esteemed title of the ‘Best Managed Company 2024’ was bestowed upon National Healthcare Pvt Ltd, Birgunj. Similarly, Standard Chartered Bank Nepal Ltd (SCBNL), one of Nepal's prominent joint-venture banks, clinched the award of the ‘Best Managed Commercial Bank 2024’. Likewise, Agricultural Development Bank Ltd secured the award for the ‘Best Commercial Bank Serving Marginalised Geographical Areas, while NMB Bank Ltd was honoured with the award for the ‘Best Commercial Bank in Prescribed Sector Lending. Shine Resunga Development Bank emerged victorious in the development bank category, earning the prestigious ‘Best Development Bank 2024’ award. Similarly, Manjushree Finance Ltd was recognised as the ‘Best Managed Finance Company 2024’. Furthermore, Asian Life Insurance Company Ltd was awarded the title of ‘Best Managed Life Insurance Company’, while Siddhartha Premier Insurance Company Ltd was named the ‘Best Managed Non-Life Insurance Company 2024. Soaltee Hotel, the nation's leading five-star property, was honoured as the Premier Hotel of the Year 2024’, while Hospital for Advanced Medicine and Surgery (HAMS) received the award for ‘Outstanding Hospital of the Year 2024’.
Likewise, renowned hotelier Shyam Bahadur Panday was bestowed with the ‘Lifetime Achievement in Business Award 2024. The jury recognised Panday for his remarkable contributions to the world of business and entrepreneurship in Nepal, particularly within the hospitality sector. Panday was lauded for his pioneering spirit, innovative endeavours and visionary leadership which have left an indelible mark on the industry. The companies and individuals were selected for the award by a panel of experts following an extensive research process. Each award category featured an independent jury tasked with shortlisting potential companies. The juries engaged in thorough deliberations, consulting with external experts and regulators, to assess various aspects before arriving at the final selection.
The panellists said that, diversifying products, investing in advertising and harnessing digital technology are crucial for navigating challenging times.
"We all are gathered here to celebrate innovation and excellence within Nepal's business sector - a tradition we have upheld since 2013," Madan Lamsal, Chairman and and Editor-in-chief of New Business Age Group, said, during the inauguration ceremony. Lamsal added that the Newbiz Business Conclave and Awards aim to recognise outstanding companies and individuals across various sectors for their exceptional contributions to the field of business. "Our jury panels, composed of business leaders and experts, have diligently worked to identify deserving awardees," he added.
New Business Age Pvt Ltd has been organising the Business Conclave and Awards annually since 2013 to recognise and honour exceptional companies.
Fostering a positive dialogue is crucial
Prior to the award ceremony, a panel discussion on 'Business Opportunities in Difficult Times' was organised where panellists comprising leaders from the private sector discussed strategies for capitalising on business opportunities amid challenging circumstances.
The panellists were unanimous on the fact that delivering top-notch services, diversifying product offerings, investing in advertising and harnessing digital technology are crucial strategies for navigating challenging times.
During the panel discussion moderated by Ranjit Acharya, CEO of Prisma Advertising, panellists said fostering a positive dialogue is crucial and underlined the need to showcase success stories while also emphasising the significance of mastering fundamental aspects of business. "Fostering a positive dialogue is crucial," said Amlan Mukherjee, Managing Director of Unilever Nepal. "We must highlight instances of success and emphasise the importance of mastering fundamental aspects of business. Neglecting to invest during challenging periods risks compromising our market share. Conversely, strategic investments lay the groundwork for favourable outcomes once normalcy is restored."
Likewise, Anand Bagaria, Managing Director of Nimbus Holdings, stressed the importance of addressing obstacles directly, conducting comprehensive analyses and embracing innovative solutions. "This proactive approach empowers businesses to adapt to changing circumstances and seize emerging opportunities," Bagaria said, adding: "Prioritising consumer engagement and product development enables businesses to build resilience and secure long-term success in the ever-evolving and competitive business environment."
Vianet Communications CEO Sewa Pathak said that internet penetration in Nepal has reached 90% and that Nepali ISP industry is now worth Rs 30 billion. According to Pathak, the domestic IT services industry, valued at $1 billion, requires a robust infrastructure backbone. “There is a critical need to invest in sturdy data centres, cloud computing resources and cybersecurity measures to guarantee smooth delivery of IT services,” she added. "With the onset of the 2.0 internet phase and the emergence of immersive technologies, we need an elevated level of network capability to meet the demand for multiple gigabit connections."
She also underlined the need to harness cutting-edge networking technologies such as fibre-optic networks, 5G connectivity, and solutions like Software-Defined Networking (SDN) and Network Function Virtualisation (NFV) to meet the growing demand.
While the IT sector has seen growth, Pathak said the industry was seeing a different kind of challenge i.e. brain drain. "The ongoing challenge of brain drain has had a profound impact on us," said Pathak. "Following the pandemic, we observed another wave of migration with a notable number of graduates and postgraduates leaving the country, particularly females in professions such as nursing and teaching. This has necessitated the development of a new HR strategy to address these trends.”
Government is Committed to Strengthen the Economy
Given the diverse challenges confronting industrialists and businesses, the government is committed to address these issues. There is a need to confront current obstacles and inspire confidence within the business community. Recognising the prevalent pessimism in the private sector and the troubling departure of youths from the country, the government will respond to these challenges. The government will also work closely with the private sector to cultivate an environment conducive to economic growth and stability.
The government is working on to amend 10 laws related to investment and private sector ahead of the planned investment summit. At the same time, bringing programs on job creation is high on the government agenda. We are also committed to prioritising small and medium-scale agriculture and mining initiatives to revitalise dormant industries.
Tourism, energy and small to medium-scale industries are vital sectors and the the government would bring programs and policies aimed at stimulating growth and enticing investments in the upcoming federal budget. The feedback and recommendations from the private sector will be incorporated into the government's agenda for the forthcoming investment summit.
Panday Honoured with Lifetime Achievement Award
Born on October 12, 1936, in Lazimpat, Kathmandu, Shyam Bahadur Panday, the Founding Chairman of Shangri-La Hotel hailed from a non-business family background. Initially, he pursued a career in the civil service but later ventured into business after taking early retirement. Panday initially delved into exporting rice and jute to China. However, he soon felt the urge to explore new horizons. This led him to the tourism sector, ultimately resulting in the establishment of the iconic Shangri-La Hotel in Lazimpat. Desmond Doig played a pivotal role in bringing Panday's vision to fruition. Since its inauguration in 1979, the hotel not only carved out a distinctive identity but also revitalized the Lazimpat area. Bolstered by the success in Kathmandu, Panday expanded the Shangri-La brand to Pokhara, Nepal's premier tourist destination. Panday stands as a compelling testament to the notion that retirement can usher in a period of remarkable creativity. Driven by a deep-seated belief in contributing to society and his country, Panday's post-retirement endeavors have left an indelible mark. Recognizing his significant contributions to Nepal's tourism sector, Panday was bestowed with the Lifetime Achievement Award by New Business Edge Pvt. Ltd.
Glimpses of 8th Newbiz Business Conclave & Awards 2024
JURY
Best Managed Insurance Companies
Mr. Shashi Satyal, CA, Managing Partner, PKF T. R. Upadhya & Co. - Jury Member
Mr. Shreeman Karki, Insurance Expert - Jury Chair
Mr. Suman Sharma, Former CEO, Sunrise Bank Ltd. - Jury Member
Best Managed Banking & Financial Institutions
Ramesh Hamal, Former Chairman, SEBON – Jury Chair
Sudarshan Raj Pandey, Partner, SR Pandey & Co – Jury Member
Sujan Kafle, President, ICAN – Jury Member
Uday Raj Khatiwada, Micro-Finance Expert – Jury Member
Best Managed Company Award 2024
Mahesh Kumar Thapa, Managing Partner, Sinha Verma Law - Jury Member
Rajan Singh Bhandari, Former CEO, Citizens Bank Intn’l - Jury Chair
Surender Bhandari, Former CEO, Kumari Bank - Jury Member
JURY MEMBERS
Lifetime Achievement in Business Leadership Award 2024
Anjan Shrestha, Sr. Vice President, FNCCI
Rajesh K. Agarwal, President, CNI
Rajendra Malla, President, NCC
AWARD CRITERIA
Best Managed General Insurance Company
• Profit
• Net Worth
• Insurance Fund
• No of Active Policies
• Gross Premium
• Claim Paid & Claim Outstanding
• Grievances
• Action taken by regulator
• Sum insured of agriculture insurance
Top 3 Best Managed NON-LIFE INSURANCE COMPANIES 2024
1. Neco Insurance Ltd.
2. Siddhartha Premier Insurance Ltd.
3. Shikhar Insurance Company Ltd.
AWARD CRITERIA -Best Managed Life-Insurance Company 2024
• Profit
• Net Worth
• Life Insurance Fund
• No of Active Policies
• Gross Premium
• Claim Paid & Claim Outstanding
• Surrender Amount
• Grievances
• Action taken by regulator
• Bonus rate
• Sum insured of micro- insurance
• Policy renewal
• Jury Discretion
Top 3 Best Managed LIFE INSURANCE COMPANIES 2024
1. Asian Life Insurance Company Ltd.
2. Citizen Life Insurance Company Ltd.
3. Reliable Nepal Life Insurance Company Ltd.
AWARD CRITERIA -Best Managed Banking & Financial Institutions
• CAR
• Book Value Per Share
• Growth in Assets
• Growth in Interest Income
• Other Income to Net Profit
• NPL
• CD Ratio
• EPS
• PE
• Interest Spread
• ROE
• ROA
• Base Rate
Top 3 Best Managed FINANCE COMPANIES 2024
1. ICFC Finance Ltd.
2. Manjushree Finance Ltd.
3. Shree Investment & Finance Company Ltd.
Top 3 Best Managed DEVELOPMENT BANKS 2024
1. Garima Bikas Bank Ltd.
2. Muktinath Bikas Bank Ltd.
3. Shine Resunga Development Bank Ltd.
Top 3 Best Commercial Banks in PRESCRIBED SECTOR LENDING
1. Kumari Bank Ltd.
2. NMB Bank Ltd.
3. Nepal SBI Bank Ltd.
Top 3 Best Managed COMMERCIAL BANK 2024
1. Nepal Bank Ltd.
2. Sanima Bank Ltd.
3. Standard Chartered Bank Nepal Ltd.
AWARD CRITERIA Best Managed Company 2022
• Transparency
• Regulatory Compliance
• Professional Management
• Social Desirability of Business
• Public Image/Brand Image
• Corporate Social Responsibility
• Consumer Grievance Handling
• Consistency/Stability/
Sustainability in Business Expansion
• Professional Management
• Jury Discretion
AWARD CRITERIA
Lifetime Achievement in Business Leadership Award 2024
• Vision
• Innovation & pioneering spirit
• Dedication
• Public Image & legacy of fair trade
• Length of Engagement in Business (at least 30 years)
• Jury Discretion
