Himalayan News Service

Kathmandu, June 10:

Information Technology (IT) experts have urged the government today to revise ‘policies and acts’ to promote business incubation in Nepal which is a new concept that boosts business operations. IT experts, at a programme on ‘business incubation—need of today’ held by the Management Association of Nepal (MAN) and IT Professional Forum suggested the government to revise its policies and laws like the commercial bank act, Nepal Rastra Bank (NRB) Act, foreign investment and technology transfer act, industrial enterprise act, company act, income tax act, etc. Similarly, bank and financial institution ordinance 2061 should incorporate the provision of financial lending through equity and loans to business incubation in Nepal. Incubator Initiative Nepal (IBN) has called for issuing directives to banks and financial

institutions to finance incubators and incubatees at a minimum interest rates.

Secretary at the ministry of industry, commerce and supplies Bharat Bahadur Thapa informed today that the government has already allocated some funds to help business incubation in Nepal under the department of small and cottage industries (DSCI). Thapa informed that the government is developing some programmes in coordination with many agencies to support businesses. Despite it being a new concept for Nepal, it has already received popularity in other parts of the world, said Thapa, adding that South Korea increased its revenue base through business incubation that have helped them to boost business operations. “Business incubation would help in business sector’s promotion for which the government has a positive attitude,” he assured. Shambhu SJB Rana, coordinator of the programme and Public Development Manager’s Forum/Management Association of Nepal (MAN) opined that business incubation would help in technology transfer in the emerging industries that have potential in the country. He said that it would ultimately help to revitalise business and industries. Shashi Bhattarai, component leader and project analyst (IIN), speaking about business incubation environment and need for a assessment study suggested the government to form a high-level business incubation steering committee, representing various government

agencies and private sector people to help materialise the concept effectively.