Kathmandu, April 14

After the successful completion of Nepal Investment Summit last month, the Ministry of Industry (MoI) is preparing to host Start-up Summit on June 8 and 9 targeting domestic investors.

While the Nepal Investment Summit aimed at drawing foreign investment in the country, the Start-up Summit will bring together all potential domestic investors and encourage them to invest in the country, according to officials at MoI.

“We believe that Nepal today has an enabling environment for investment as the government has introduced new policies and reformed old policies making them business-friendly,” said Purshottam Nepal, spokesperson for MoI, adding that the Start-up Summit aims at giving momentum to new businesses and investments in the country through potential domestic investors.

MoI will host the event in coordination with Investment Board Nepal. MoI Spokesperson Nepal also informed that the Ministry of Finance (MoF) has approved a budget of Rs four million for the event. The MoI had sought Rs five million.

This event also aims to disseminate a message to international investors that Nepal has developed an investment-friendly climate, according to Nepal. “At a time when we are aiming to draw huge foreign investment in Nepal, we should first encourage domestic investors to make investments,” he said, adding that encouraging the domestic private sector to invest in the country will play an instrumental role to turn investment pledges made during the Nepal Investment Summit into reality.

The Investment Summit held in March had garnered nearly $13.51 billion (equivalent to around Rs 1,446 billion) in foreign investment commitment, equivalent to more than half the country’s gross domestic product (GDP).

Talking to The Himalayan Times, Industry Minister Nabindra Raj Joshi said the Start-up Summit, besides promoting domestic investment, is a part of promoting entrepreneurship in the country. “Nepal today is seeking economic prosperity and entrepreneurship development is crucial to achieve this target,” Joshi said. “The Start-up Summit aims to boost the morale of young entrepreneurs.”

According to Joshi, the event is also part of a campaign of MoI to create a situation whereby no Nepali youth will have to go abroad for jobs after the next decade.

MoI plans to promote different investment potential sectors during the Start-up Summit, including mines and minerals, small and cottage industries, construction, and information and technology (IT), among others.

Meanwhile, MoI is also promoting different business success stories in the Start-up Summit and awarding domestic investors with best business ideas.