Nepali Congress President Sher Bahadur Deuba emphasized the need for promoting local entrepreneurship in villages to achieve self-reliance and create jobs. Speaking at the Nepal Startup and SME Summit organized by the Nepali Congress’s Entrepreneurship and Small & Medium Enterprise Development Department on Wednesday, Deuba stated that even small investments can contribute to job creation and self-sufficiency when entrepreneurship is developed at the village level. He noted that the youth are increasingly attracted to startups, using creativity with limited investments. He also pointed out that support in the form of low-interest loans, training, skill development, and grants is essential to foster such businesses.
Deuba, who is also a former Prime Minister, mentioned that for businesses to survive, entrepreneurs need patience and consistency, making government support and protection necessary. He believed that effective management of startups with minimal investment could revolutionize job creation. He appreciated the department’s efforts in encouraging entrepreneurship, particularly for the youth and women who have the drive to do something. He expressed hope that the summit would help in creating policies that support these groups.
Deuba further highlighted the importance of developing sectors like agriculture, forests, herbs, tourism, and technology to boost the country’s economy. He noted that the country’s economic growth is being hindered by challenges in attracting domestic and foreign investments and by the private sector’s difficulty in competing in the global market. He also pointed out that Nepal’s economy has become more trade-focused than production-focused. To address this, he mentioned the government’s policy to promote small and medium enterprises (SMEs) to increase local production, reduce imports, and decrease the trade deficit. He also informed that the Entrepreneurship and Small & Medium Enterprise Development Department has been established to understand the problems of young entrepreneurs and businesses and to support their growth. Additionally, he expressed confidence that the new laws aimed at reducing bureaucratic hurdles in businesses would help improve the sector. Lastly, he mentioned that information technology is another key area for national development, which requires political stability and balanced growth of natural resources, human resources, capital, and technology. The two-day event will allow participants to share knowledge and experiences from various fields.