Singapore, Tuesday, 9 June 2009 - Nepal, known for its beautiful landscapes and mountains, is gearing up for economic development and is looking to collaborate with Singapore companies said speakers at an SBF seminar held today in conjunction with the visit of a Nepalese delegation led by Mr. Binod Chaudhary, President of Confederation of Nepalese Industries (CNI).
The seminar provided insights on the market possibilities in Nepal, and how Singapore companies can provide expertise in key sectors such as infrastructure, information technology, healthcare and education as the world's youngest republic revitalises its economy amid political transition. Mr. Binod K. Chaudhary, noted that the private sector can look forward to participate in infrastructure projects that range from management of the existing international airport to the construction of a new international airport.
The seminar, jointly organised by the Singapore Business Federation (SBF) and Nepalese Society (Singapore), marks the first time SBF is engaging the Nepalese business community. The event was supported by Singapore Indian Chamber of Commerce & Industry, Singapore Manufacturers' Federation and the Association of Small & Medium Enterprises.
Informing the 63 participants from various sectors about Nepal's political and economic situation was Mr. Gopinath Pillai, Ambassador at Large, who said during his welcome address, "While there are challenges on the political front, things look brighter on the economic front. The Economist Intelligence Unit projects that Nepal could witness a four to five per cent GDP growth rate in the fiscal year 2008/09. Seen in the light of the negative GDP growths in some countries, including Singapore, this growth is indeed impressive. Nepal's external sector has also improved, with its balance of payments recently reporting a surplus."
Sharing similar optimism and sentiments was Mr. Tan Poh Teck, SBF's Deputy Executive Director, Global Business Division. He said, "I am very heartened to see a good turnout today as it clearly indicates that there are serious Singapore companies interested in exploring business opportunities in Nepal which makes all our efforts in SBF worthwhile. Diplomatic relations between the Kingdom of Nepal and the Republic of Singapore were established in March 1969. Since then, the relations between Nepal and Singapore have been growing steadily. Singapore imports from Nepal grown by an estimated 113% from 2007 to 2008. Singapore's export from Nepal grew by an estimated 26% in the same period. Total trade between Singapore and Nepal reached an estimated S$84.8 million in 2008, increased by about 29% from S$65.9 million in 2007. (Source: IE Singapore)"
Giving participants valuable first-hand information on setting up shop in Nepal was Blue Ocean System Pvt. Ltd.'s Mr. Sunli Shamar, Managing Director. He shared that his company's planning process was largely supported by the knowledge of local partners and highlighted that the irregular power supply slowed down the set up of their training center. Although he outlined four areas of challenges - global economic sentiment; political instability that affects investment climate; infrastructure to support economic growth; and legislation to support foreign direct investment (FDI); he acknowledged that there are also great opportunities in this market. The opportunities nest within these six factors - positive momentum expected as soon as global economic recovery begins; a population that is eager for change and a higher quality of life; talent pool; successful initiatives to ensure a stable power supply; expected improvements in infrastructure to foster economic growth; and segment of the population that has invested in getting education and training that will support economic development.
The seminar as followed by a business matching session between 13 Nepalese companies and the Singapore business community. Several deals are now in discussion following the business matching session which includes the design of hotels and new property development projects in South Asia and a manpower development feasibility study for Nepalese organizations.
For more information on GBD-SA events, please contact:
Teo Chi Howe
Senior Executive, South Asia
Singapore Business Federation
Email: markets.sa@sbf.org.sg
Tel: 6827 6855
About Confederation of Nepalese Industries (CNI)
CNI (Confederation of Nepaese Industries) is a Corporate Managed Organization, playing a pivotal role in Nepal's Development. CNI's 150 Strong Members include all major Business Organizations of Nepal as well as Leading Financial Institutions, Hotel Groups etc.
CNI has been instrumental and active in several different areas such as:
Playing a key role as a National Think Tank, and conducting several work shops, seminars, round table conferences to work towards building Long Term Strategies for Nepal.
- Being an intermediary between the Private Sector and the Government.
- Building Private Sector Capabilities in various areas.
- Working closely with the Government for Legislative and Policy Changes to build an Investor Friendly Climate.
- Promoting Corporate Social Responsibility.
CNI is a key partner to the Government of Nepal, and our representatives have been invited to be members of several committees and panels formed by the Government. CNI also partners with a number of like minded Organizations; and has MOUs and Protocols established with most similar organizations within the South Asian Association for Regional Cooperation (SAARC) Region.
|
|
