Himalayan News Service

Kathmandu, June 7:

Businesses and new ideas can be explored to boost national economy by attracting foreign direct investment if we could provide ‘business incubation’, although it is a new concept, say experts and businessmen. “The concept of business incubation in China and other countries are getting popular. It has helped get a lot of foreign direct investment there,” businessmen said. Speaking at a programme held by Nepal Chamber of Commerce (NCC), president of NCC, Rajesh Kaji Shrestha explored the idea of business incubation promotion to create wealth, explore employment opportunities, encourage young entrepreneurs in business operations, effectively utilise skills and new ideas for business advancement. Shrestha said that business incubation would add further value to business sector development. However, we all need to carry forward this new concept with effective rules and regulations, said Shrestha.

Suresh Regmi, team leader, Incubator Initiative in Nepal (IIN) Project and president, IT Professional Forum commented that despite its emergence in Nepal, there are no rules and regulations in this regard. Regmi was presenting a paper on incubator initiative in Nepal today. Regmi said that there is a need to develop rules and regulations and identify potential areas to boost businesses. Shrestha of NCC said business incubation can be a useful mechanism for agriculture, information technology and industries in which people with innovative ideas can convert opportunities into profit. Business incubation is a mechanism to generate new companies for entrepreneurs with ideas and innovation, said Regmi. Through incubation, services such as planning, management, finance, marketing, training, logistics, technical and linkages can be availed to boost businesses in this competitive market.

Business incubators support establishing credibility, improve synergy with other companies/clients, better informatics structure, for having access to capital and growth for business people. Not only that, it will help government to generate more jobs, generate more taxes and support small companies and resolve problems, Regmi said.

Mahesh Agrawal, former-president of NCC, said that business incubation can help attract more foreign investment in the country. He said that in China, due to business incubation, FDI has gone significantly. It can also work as a corruption-free strategy in the country, Agrawal commented. Regmi of IIN said that strategic aims of incubators are to boost economic advancement, employment generation, research and development, universities and company relations, exports promotion, development for non-profit making companies, among others. He said that the prevailing business environment in Nepal is difficult and less conducive for enterprise development.

Tej Raj Shakya, director general of Department of Cottage and Small Scale Industries

(DCSSI) also commented that business incubation would help boost business in a changed competitive environment for which we need to advance it further. He said that we needed to identify potential. After we have enough business incubation models, young and enterprising people can benefit a lot and can generate revenues through effective business development, opined Shakya. Over 40 participants took part at today’s interaction programme.