5 Ideas to Start a Profitable Business in Nepal
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Thriving on the long-awaited political transformation, Nepal has become a hotbed of opportunities for business aspirants. Riding the wave of fast-paced developments, the country is brimming with untapped potential for entrepreneurs to explore. Classified as a closed economy, the Indian neighbour is opening to explore the tremendous opportunities the world has to offer.
Being at the nascent stage of growth, the land of Himalayas lacks in the basic infrastructure for basic amenities like internet, transportation, healthcare and more. Hence, offering a plethora of options for investment. Entrepreneur India explores the various business opportunities this landlocked country in South Asia has to offer:
The backbone of Nepali economy, tourism makes for abundant of opportunities in the country. Apart from country’s tradition, heritage and the world-famous tourism centres such as the UNESCO Heritage sites, what’s making noise about the tourism potential of Nepal is the capital Kathmandu being acknowledged as the 19th best world tourism destination.
Taking giant leaps under its Visit Nepal 2020 campaign, the country is now aiming at a 2 million tourist arrival target. While the tourism development plans are in place, the country is developing more regions as tourism hubs adding to opportunities for potential investors. Another key sub-area connecting tourism and healthcare sector with huge investment potential is medical tourism.
Did you know that Nepal contributes nearly 3 per cent in the world power generation through its hydropower sector? Well, yes! The nation is rich in natural resources, making the country viable for potential business opportunities. While Hydropower is one area suitable for investment, the country lot more potential in the energy sector.
The country has been promoting clean energy solutions as part of its transition to green vehicles. Nepal is not immune to the pollution concern surrounding the globe. The country has also been advocating for environmental protection measures through its eco-friendly policies and waste management techniques.
Information Technology & Telecommunication
Unlike the rest of the world, Nepal recently came across the power technology offers. With the internet penetrating into its boundaries, mobile usage has gone up and so has the potential and its IT sector has. Driven by digital trend, the country lacks the seamless integration of IT solutions in every other sector, further adding to the industry’s huge potential.
While telecommunication is already meeting the local needs of Nepal, the advent of data has led to growth in user demands in terms of connectivity and data services, making it vulnerable but at the same time, holds high potential for business.
Like its neighbouring countries, Nepal is an agriculture-driven nation. The country produces a variety of crops all through the year and is known for its traditional forms of farming through organic methods. Owing to its growing middle-class population, agriculture is expected to be one of the top Nepali sectors with huge investment potential over the next 20-30 years.
Connectivity & Transport
Nepal lacks in its infrastructure sector is cashable for upcoming business enterprises. While the nation’s government has already planned huge investment on transport infrastructure development, the weak local infrastructure welcomes investment in developing the local transport infrastructure, to facilitate internal movement, trade or connectivity with other nations.