Tech Peak Nepal 2024 kicks off in Kathmandu

KATHMANDU: Tech Peak Nepal 2024, an event focusing on Nepal’s IT service industry, started in Kathmandu on Thursday, uniting over 200 national and international experts, professionals, and government officials on one platform.

Participants at the event jointly co-hosted by the Confederation of Nepalese Industries (CNI), NAS-IT, and the American Chamber of Commerce in Nepal (AMCHAM), emphasized the importance of attracting investments to Nepal’s growing IT sector which can significantly contribute to job creation and economic growth in the country.

“Together, we aim to elevate Nepal’s IT sector, fostering innovation and partnerships that drive our digital economy forward. Let’s seize this opportunity to forge connections between local startups, established firms, and international investors; setting the stage for fruitful collaborations at the upcoming Nepal Investment Summit, 2024,” said CNI Vice President Hem Raj Dhakal, adding, “As we step into the digital era, the undeniable impact of technology transformation is evident. Its widespread adoption has not only reshaped fundamental needs, thought processes and business structures but has also nurtured an increasing dependency on it. Consequently, this shift in market dynamic has paved the way for the emergence of numerous job opportunities”

Nepal is emerging as a strong global contender, driven by its young population and increasing expertise in IT and English language proficiency. Recent studies reveal significant progress in the Information Technology Enabling Services (ITES) sector, surpassing earning from traditional tourism. This shift highlights untapped potential within Nepals economy. 
Research by the Institute for Integrated Development Studies (IIDS) indicates that IT service exports contributed USD 515.4 millions to Nepals economy in 2022, becoming its leading export.

Prof. Dr Shiva Raj Adhikari, Member of the National Planning Commission, and the chief guest of the event, said that the IT sector holds a vast export potential that could drive the growth and prosperity of the country.“To fully capitalize on this potential, we have to encourage investors to invest in this sector. It’s crucial to lay the foundation of Nepal’s digital arena. By investing in the IT sector, Nepal can bridge the digital gap,” He said.

Likewise, Ajit Shah, Chair of the CNI IT Council, emphasized Nepal’s possession of 8 of the world’s highest peaks and called for collective efforts to elevate the tech and ITES sectors to become Nepal’s 9th peak.

In the course of the event, Harish Mehta, Co-founder and first elected chairman of NASSCOM India, and the Keynote Speaker of the event shared his invaluable success story. He also emphasized that if all aspects are addressed with a unified voice, meaningful change becomes achievable.

A significant aspect of the event centered on the discussion of creating “Brand Nepal” and empowering Nepalese business to succeed globally. This unified approach is essential for addressing obstacles like limited global recognition, infrastructure gaps, and intricate regulations.

The Government of Nepal is keen on nurturing a knowledge-based economy, launching the Digital Nepal Framework to foster socio-economic growth through private sector collaboration.

The IT and Business Process Outsourcing (BPO) sectors are earmarked as critical to the Country’s export strategy, with policies designed to attract foreign investment through offerings such as 100% ownership rights, tax holidays, and competitive corporate taxes. These measures aim to stimulate the emergence of high-tech startups and businesses.

Yet, despite the promising investment return prospects, both domestic and foreign direct investments (FDI) in this sector remain subdued. This hesitance is attributed to a lack of industry understanding and familiarity with Nepal’s market dynamics, pointing to a significant area of opportunity for both local and international stakeholders.

The participants underscored the need to bridge the critical gaps between IT companies, policymakers, and educational institutions, fostering a collaborative environment that is essential for accelerating Nepal’s socio-economic transformation.

Sanjay Golchha, founder member of AMCHAM, thanked all the participants in his closing remarks.

The main sponsor for the event was USAID, with other major sponsors including The World Bank, the European Union, ECC, and the Asian Development Bank. Similarly, IMEpay, Neoteric, Marching Ants, Laxmi Sunrise Bank, NMB Ace Capital Limited, and NIBL Equity Partners are the sponsors from the private sector.