London: Think-tanks, policymakers, diplomats, investors, entrepreneurs, and IT professionals from Nepal and the UK participating in the Nepal-UK Tech Forum have agreed to explore the significant possibilities of investment and cooperation between Nepal and the UK in Nepal’s IT sector.
According to National News Agency Nepal, the Forum was organized by the Nepali Embassy in London on July 4 to attract investments in Nepal’s IT sector, expand IT-based business in Nepal, and contribute to Nepal’s export of IT products. Nepali Ambassador to the UK, Chandra Kumar Ghimire, highlighted Nepal’s democratic and inclusive nature in South Asia and noted the recent economic and policy reforms. He emphasized Nepal’s emergence as an energy-exporting country and a vibrant IT hub, encouraging British companies to outsource Nepal’s IT services and consider investments in Nepal’s IT sector.
British Ambassador to Nepal, Rob Fenn, stated that it was an opportune time for British investment in Nepal and to strengthen bilateral trade. He mentioned the groundwork for investment in IT and renewable energy and the preparation for an agreement on double taxation avoidance. Fenn stressed the importance of ensuring smooth repatriation of dividends by foreign investors to continue attracting investments from abroad, including the UK.
British parliamentarian Alex Baker, Chairperson of the All Party Parliamentary Group for Nepal, advocated for direct air services between Nepal and the UK. Sushil Gyawali, CEO of the Nepal Investment Board, discussed policy and legal reforms, institutional and procedural arrangements by the Nepali government to facilitate Foreign Direct Investment (FDI) in Nepal. He shared that Nepal allowed 100% FDI in the IT sector and detailed provisions like tax exemption for up to seven years and profit repatriation facilities for foreign investors. Plans for IT Parks in all seven provinces and an IT Promotion Board chaired by the Prime Minister were also mentioned.
The Forum featured over 100 participants engaging in panels on topics such as Artificial Intelligence (AI) as a growth driver for Nepal, digital trade, and UK investment prospects in Nepal’s digital economy. Tim Gochar, Founder of Dolma Impact Fund, expressed confidence in Nepal’s potential to boost productivity through AI and data centers, pointing out the possibility of world-class data centers utilizing Nepal’s highland climate, clean energy, and digital resources.
Chandra Prasad Dhakal, President of FNCCI, asserted Nepal’s capability to compete globally in IT and digital services and invited joint ventures and partnerships. Anjani Phuyal, CEO of Genese Solution, commended Nepali IT professionals’ quality services in the global market and stressed the need to expand IT infrastructure across Nepal’s provinces.
Santosh Koirala, President of the Nepal Association for Software and IT Services Companies (NAS-IT), highlighted that around 90,000 youths are currently employed in Nepal’s IT sector, generating approximately 800 million USD in annual income. He shared a vision to expand Nepal’s IT market in the UK within the next four to five years.
The Forum concluded with a decision to establish a Nepal-UK Digital Working Group, representing both embassies and other relevant stakeholders, to follow up on the discussions and facilitate Nepali tech exports and FDI to Nepal in the future.