Kathmandu, September 27

Returnee migrants from South Korea have been asked to embrace entrepreneurship replicating the industrial practice of South Korea.

Speaking at a programme organised by Ankur Nepal — an organisation established by South Korea returnee migrants — Ambassador of South Korea to Nepal, Park Young-sik, urged returnee migrants to embrace entrepreneurship and start enterprises in Nepal by utilising skills and capital that they have earned while working in South Korea.

Currently, around 35,000 Nepali migrant workers are working in South Korea and 20,000 have returned from Korea after completing the period defined in work permit. “Nepali workers are efficient and honest and they have contributed a lot in economic development of South Korea.”

Presenting a paper, Professor Yeon Sik Jung said the initiatives taken by the Korean government to reform its investment regime has attracted investment from the private sector and various multinational companies. “Korea has transformed its economy in 40 years and emerged as a global economic power.”

David Sharma from Pokhara University highlighted the areas of comparative and competitive advantage, where youths can embrace entrepreneurship with low investment. Richard Howard, country director of International Labour Organisation, underscored the need for investment and labour management for job creation in the country.