Kathmandu. I may not sound realistic, but I firmly believe that Nepal is in a transitional phase and we have high hopes, dreams and aspirations.
$100 billion in 10 years is only a linear increase. From this point, we can grow the hockey ladder from the middle and aim for a $200 billion economy in 10 years.
What would be the main drivers of the economy:
1. Stable government, stable policies and trade protection. Tax benefits for technology and other export industries. Global support by the government. The government assures that policies will not be changed prematurely.
2. Rare earth metals and minerals without harming nature and renewables. Also our fresh water can be conserved and exported. Protect our herbs and medicines and the production, storage and distribution should be streamlined. Regulated and controlled weed farming can be started in Nepal. It is possible to export to countries such as Thailand.
3. Strong hydropower and other energy sector growth and power generation.
4. With a strong focus on data centers with hydropower and regulated and controlled crypto mining and exporting the same. An example of this can be learned from Bhutan.
5. Strong growth in air connectivity, travel and tourism:
Operationalize Pokhara Airport and operate direct flights from major cities of India and nearby countries, targeting 50 lakh Indian tourists per year. Bring Bhairahawa airport into operation and target China and all Buddhist countries. It is important to learn how to attract foreign tourists from Vietnam and Thailand. Religious, spiritual, adventure, trekking and medical tourism. We will also build good roads, cable cars and podways in Nepal. Ram Mandir will promote Janaki Temple, which is connected to Ayodhya. The same is true for the Pashupatinath temple with Kedarnath. The eighth wonder of the world is to create more online content like pages like ‘Nepal’ and bring it to the world.
6. Implement technology and management blended (STEM) education in schools. AI basic education should be made compulsory from class 8. Make the topic “Using AI and Learning Big Language Models” mandatory at the top level. AI coding needs to be made compulsory among graduates. This will give good returns 5 years from now and will help automate a lot of work in Nepal after 5 years. Otherwise, after 5 years, there will be no one to work in Nepal because most of them will go abroad. As part of the bachelor’s degree, 1 year of paid work must be mandatory. The curriculum should be revised.
7. Remote jobs and the gig economy should be promoted extensively. Changes in labor laws are necessary. An environment should be created to encourage the youth to stay in Nepal and earn in dollars. We should do everything possible to spread this message among the youth and help them come back to Nepal and work for the world. In 10 years, we should aim to make the technology export sector a $10 billion industry per year. Nepali people should be allowed to draw salaries in dollars. In Nepal, subsidiary employers should be allowed to take sweat equity in parent multinationals. Nepali tech companies should be encouraged to open branches in the Middle East, Singapore and elsewhere in collaboration with the diaspora and Nepali embassies.
8. A separate “Information Technology Sector Development Board” should be set up like the development of the tourism sector. Have virtual specialized IT economic zones with many attractive benefits.
The columns on this board may be:
(a) Information Technology Export and Global Branding and Encouragement.
Automation of government and private companies in Nepal and information technology for the Nepali people
c. Skills, Research and Development. Employment
d. International exposure to Nepal and bringing nomads to Nepal
9. Construction of two world-class cricket stadiums with strong security. The target of the Asian Games and other Test playing countries in Nepal. One day, Nepal will be the venue for an India-Pakistan cricket match. There should be a huge investment in cricket and players in Nepal. Additional national level championships (schools, colleges, under 15, under 19 years…) should be introduced through all district sports/cricket councils.
10. Very strong incentives and tax benefits for Non-Resident Nepalese and Nepali Diaspora to invest in Nepal.
11. Support farmers in the best possible way with timely fertilizer, cold storage, market channelization and organic food exports. Let’s brand Nepalese foods that represent the highest quality of natural foods.
12. Encourage foreign direct investment and investment in Nepal. We need to give investors an answer by saying “why Nepal”. We have to compete with Dubai or Vietnam… So it’s not enough to just allow some windows. We need to come up with something that is very attractive to investors and guarantee that the provisions will not change in between. If the government changes, the policy should not change. They need assurances and guarantees and a very compelling reason to come to Nepal. Also, there should be clear and sound tax policies on repatriation, transfer pricing, and capital gains.
The Ultimate Beneficiary has to reduce the documents required (it is necessary to find other ways to solve Nepal from the grey list) and the hassle of sending money out of Nepal every time. Trade unions in FDI companies should be reduced, and our ease of doing business index should be increased and Nepali tech companies should be made much easier to go global. There is a need to bring in more venture capital and equity funds in Nepal. This technology is critical to the growth of the sector. After studying the tax issues of Dolma, Kotvi and Ncell, an attractive policy should be brought by improving tax comprehension. Most importantly, let’s make sure that departments and ministries don’t work in silos.
There should be a system where the same document does not have to be submitted to multiple departments. Let us ensure that all departments (e.g. Inland Revenue Office, Company Registrar, Department of Industry, Nepal Rastra Bank, Ministry of Finance, Ministry of Foreign Affairs, Ministry of Labour) have an equal understanding of the policy. Each should not have its own version and requirement.
13. Allow new/Nepali medical colleges to take more SAARC students. This will help us to start many new hospitals in Nepal and Nepal can also grow as the No.1 destination for MBBS and similar courses for foreign students. It will serve 3 purposes. Access to health and availability of medical professionals, tourism and income.
I may have missed out on a lot of areas, because I have little knowledge.
But this is the time for our country now or never. I don’t think it’s ambitious to reach $100 billion in 10 years. We should aim for double that.
Together we can!
from Agarwal’s Facebook page
