KATHMANDU: The 'Returnee Innovators Showcase', funded by the Korea International Cooperation Agency (KOICA), was successfully held today in Lalitpur.

This event was part of KOICA's "Project for Strengthening Stage-Wise Support System for the Stable Reintegration of Korean Returnee Migrants in Nepal", also known as "K-HaMi (Korea-Happy Migration) Project," according to a statement issued by the organiser.

The event marked the culmination of the "Returnee Innovators for Nepal (RIN)" program, implemented by The Bridge International, reflecting on its one-year journey and culminating in a business pitch competition with nine outstanding participants from the program. The RIN program consists of basic entrepreneurship training in Korea, advanced training in Nepal, incubation support, and a business competition.

Since 2022, KOICA has invested a total of $8 million in this initiative, providing stage-wise capacity-building support in employment and entrepreneurship to support Nepali migrant workers from pre-departure to post-return reintegration.

Additionally, the program facilitates startup financing and business incubation for participants who complete the training.

The KOICA K-HaMi project is implemented in collaboration with Nepal's Ministry of Labour, Employment and Social Security, EPS Nepal Center, Agriculture Development Bank (ADBL), The Bridge International, Korean Federation of Community Credit Cooperatives (KFCC), and MY Social Company (MYSC).

The event was attended by key dignitaries, including Ambassador of the Republic of Korea to Nepal, Tae-young Park; Joint Secretary of Labour, Employment and Social Security, Nischal Raj Pandey; and KOICA Nepal Office Country Director, Moo-heon Kong. Approximately 150 representatives from Nepal's entrepreneurship ecosystem also participated in the event. In his opening remarks, Ambassador Park emphasized the importance of entrepreneurship, encouraging returnee migrant workers to utilize the skills acquired in Korea to drive economic growth in Nepal. Joint Secretary Pandey also praised the program's impact and its role in strengthening Nepal's entrepreneurial landscape.

During the event, top participants from the RIN program presented refined business models, developed through an extensive entrepreneurship capacity-building program. They also presented success stories of how they utilized the skills, knowledge, and expertise acquired in Korea to establish their own businesses after returning to Nepal. From these participants, five exceptional entrepreneurs were selected as winners.

Among them, Mr. Santosh Dahal won the Grand Prize (1st place), while Mr. Dil Bahadur Tamang secured 2nd place, and Mr. Rajendra Basyal took 3rd place. The grand prize winner and other top entrepreneurs received business development funds, including a matching fund of up to NPR 5 lakh (KRW 5 million) as seed capital.

For the past 15 years, the Korean government has designated Nepal as a priority development partner, supporting various initiatives to foster entrepreneurship and economic development. In celebration of the 50th anniversary of diplomatic relations between Korea and Nepal in 2024, the Korean Embassy published a book featuring the success stories of 26 Nepali entrepreneurs who returned from Korea.

The publication aims to inspire returnees to utilize their experiences and technical skills to establish businesses in Nepal.

The Government of Nepal has been actively promoting entrepreneurship as a means of job creation and economic development. By establishing startup guidelines and policy frameworks, Nepal continues to enhance its support for new businesses. Korea's experience in fostering entrepreneurship and its continued collaboration with Nepal are expected to contribute significantly to Nepal's economic growth. Migrant Workers to Nepal's Future Innovators KOICA and The Bridge International successfully host entrepreneurship competition.