KATHMANDU (ILO News) - The International Labour Organization (ILO) Country Office for Nepal and the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) have launched a new joint study titled Building Inclusive Entrepreneurship Ecosystems in Nepal at a technical meeting attended by development partners and the private sector on Friday, 24 November 2023, in Kathmandu.
During the technical meeting, Numan Özcan, Director, ILO Country Office for Nepal explained that the study aimed at building an inclusive entrepreneurship ecosystems to create better employment prospects for Nepali youth.
The study identifies constraints and provides practical recommendations across six pillars (policy, market, culture, finance, human capital and support) within the existing entrepreneurship ecosystems of Kathmandu and Pokhara. Two pillars were found critical for each city based on consultation with local ecosystem stakeholders: finance and human capital in Kathmandu and culture and market in Pokhara.
These pillars were further analyzed to identify root causes of their key constraints. A gap in centralized information dissemination contributing to low demand for government funding programmes in Kathmandu, and weak entrepreneurship culture driving risk averse behaviour in Pokhara, were among the findings. Tailored responses for market actors are provided in response starting with a call to scale up local business incubators, awareness of programs in youth focused spaces, and linkages between private sector and academia.
Mr Chandra Prasad Dhakal, President, FNCCI called for action stating that, “reducing outmigration and improving Nepal’s prospects of a sustainable graduation from a least developed country relies on unlocking full potential of young entrepreneurs”.
The presentation of the study framed an insightful discussion on how collaborative action is needed to put in practice the study recommendations. Participants highlighted the unique findings, especially relevance of the culture pillar as a cross-cutting dimension of both ecosystems, while calling for a platform involving local stakeholders to better coordinate responses.
For further information and to request interviews, please contact:
ILO Country Office for Nepal, [email protected], Tel.: +977 1 5970424
Federation of Nepalese Chambers of Commerce and Industry f[email protected], Tel.: +977 1 5362061, 5362218, 5366889
