Finance Minister urges youths to exploit business opportunities

Kathmandu, Aug. 12

Finance Minister, Dr. Prakash Sharan Mahat has said that he has allocated a significant amount of budget for the development of youth entrepreneurship, startup, information technology and research.

Speaking at a programme organised by the Association of Youth Organisations Nepal (AYON) on the occasion of the International Youth Day on Saturday, he urged the youth to take the necessary information from the relevant agencies and exploit the opportunities.

"Because a large number of the country's manpower has gone abroad, a shortage of skilled human resource has been created here. There are many opportunities in the country so even if you are pursuing your higher education abroad, I request you to return to Nepal immediately," Minister Dr. Mahat said, adding that there is a lot of potential here.

"It is our basic right to choose, no one can restrict our competence, ability, creativity and potential in what we do and where we go and work," he further stated.

FM Dr. Mahat, in his budget for the current Fiscal Year 2023/24, has announced that this would be celebrated as the Youth Entrepreneurship Promotion Year.

Mentioning that great potential is seen in information technology sector recently, the
Finance Minister said that a large amount of money is being brought into Nepal exporting software. This is the sector which does not require a huge investment but dedication and efficiency, according to him.

If someone wants to invest in information technology, the government has decided to give 50 per cent income tax discount. The government will also provide the foreign currency needed to spread the IT business in the world market by staying in Nepal.

“There was an error in our system and the trend of non-functioning was growing. We are trying to fix that challenge. Due to the lack of resources, we could not do many things even if we wanted to," FM Dr. Mahat said. "Now our economy is moving on the right path."

In the budget of the current fiscal year 2022/23, he has allocated Rs. 1.25 billion to develop start-up businesses and has announced that a start-up eco-system would be created to promote innovation and entrepreneurship.

An incubation centre would also be established and operated in Kathmandu to support the realisation of entrepreneurial concepts. 

 Published in The Rising Nepal daily on 13 August 2023.