Nepal could earn billions of dollars by exporting IT related services, tech entrepreneurs say

NL Today

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London:  Nepali tech entrepreneurs have said the country could earn billions of dollars by exporting Information Communication and Technology (ICT) related services.

Delivering a presentation on the theme “Nepal: An emerging global tech hub” at the Nepali embassy in London last week, president of Nepal Association for Software and IT Services Companies (NAS-IT), Richan Shrestha, said that Nepal could earn over USD 25 billion by exporting ICT services by 2035.

Mr Shrestha said there are over 2,000 IT companies are operating in Nepal employing more than 70,000 IT personnel. “The IT sector is contributing to 4.5 percent of the country’s total forex earnings and 60 percent of the ICT services are being exported to the US,” he said.

Over 10,000 students are graduating in IT every year providing a talent pool to grow the industry, said Shrestha adding NAS-IT was established last year with a view to elevate Nepal as a global tech hub.

Mr Shrestha, who leads a company Quickfox Technologies in Lalitpur, said that Nepal could create over 500,000 jobs, have over 50 companies listed in Nepal Stock Exchange (NEPSE) by 2035.

Founder and CEO of Genese Solution, a UK-based value IT consulting company, Anjani Phuyal, said that tech giants like Google. Microsoft and Amazon were supporting Nepali academic institutions to incorporate tech curriculum. “Nepali academic institutions are now teaching latest courses which are not even taught in many UK Universities,” said Phuyal adding, “There are dozens of Nepali success stories and we need to nurture them.”

Mr Phuyal said the present moment was the most opportune time for the Nepali tech industry to leapfrog and make its presence felt at the global tech space.

Nepal’s Ambassador to the UK, Gyan Chandra Acharya, said the government of Nepal is committed to establish the country as an emerging tech hub.

 Ambassador Acharya said the Nepal government had introduced a number of measures in this year’s budget announcements to promote the IT sector in the country.

“There is a big opportunity here in the UK in finance, legal, hospitality and health sector and Nepali companies should tap these opportunities to export IT-enabled services,” said Ambassador Acharya.

The government of Nepal has declared the decade of 2024-34 as the decade of information technology with a view to  generate employment for 1.5 million people directly and indirectly and export IT services worth NPR 3 trillion in ten years. It was NPR 67 billion in 2022. The Nepal government has aimed to reduce the digital divide through various programs like IT parks, strengthening data center, promoting domestic software usage, and increasing the access of broadband services. The Nepal government has also announced that it will provide a rebate on tax to information technology companies in reinvested profit.