BUSINESS & ECONOMY

Global Business Information Network in Nepal

By A Staff Reporter

Technology and Trade Information Promotion System (Tips) launched Tips Global Business Access, 9th March. The Tips National Bureau in Nepal commenced operation in June 1999. Hosted by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), it was established within the framework of a contract, signed between the European Commission in Brussels, in connection with its Asia- Invest Programme, and DEVNET Association.

The overall goal of the Tips National Bureau is to contribute to the development of the country’s technological, productive and international marketing capabilities by fostering intra-regional exchange of commercial opportunities and other business information.

Its major functions are to: facilitate the matching of potential business partners through the identification of local business opportunities for inclusion in the Tips Network Database; disseminate company information on trade, technology, commercial business opportunities, investment, and other trade developments for short and long term planning; prepare customised sector-specific bulletins on business opportunities gathered from the Tips Network for distribution to subscribers in hard copy format, at a nominal fee; meet specific company/industry requirements on requests or offers for technology assistance, raw material/product supply, and others; facilitate the establishment of business cooperation between small and medium sized enterprises of the European Union and Nepal.

Tips in Nepal serves as the focal point of the Asia-Invest Programme, a European Community Initiative. Tips seeks to promote the viability and competitiveness of businesses. About 70% of companies served by Tips are small and medium sized enterprises. The Tips database contains detailed information on over 50,000 business and investment opportunities. It also has access to other webs and/or databases of associated organisations.

Freight forwarders not happy with agreement reached

By A Staff Reporter

It has been learnt from local sources that the 25 days long strike at the Calcutta airport has been called off with the decision of increasing the transportation charges by 25%. Nepal Freight Forwarders Association (NEFFA), which has been taking the leading role in export/import trade is surprised with this decision, because in the context of the global economic development through modern trade, solving hindrances created by a limited group in such a way prompted obstacles in smooth trade facilitation. As such there is every possibility of inviting other problems in future by this immature agreement. Rabindra Man Singh, President, Nepal Freight Forwarders Association has shown his disagreement, says NEFFA press release.

NEFFA from time to time has issued statements in connection with the demands made by the striking group for their personal gain. It had requested for initiating action with the concerned governmental and non-governmental associations/organisations related with export/import. It is surprising that the concerned organisations as well as His Majesty’s Government kept silent in spite of the loss of millions in trade. This has also come to the notice that there will be an increase in transportation cost in export also. This will bring obstacles in export trade and will have negative impact in freight forwarding business as well.

It is a reasonable fact that there should be involvement of both His Majesty’s Government and the Government of India in the agreement, although the strike has been called off following agreement with that group only, otherwise such strike can be called on by any group with other demands at any time at their whim. Therefore besides the two governments the involvement of the association such as Nepal Freight Forwarders Association, which is engaged directly in this trade is necessary.

Nepali business-woman honoured

By A Staff Reporter

Laxmi Sharma has been recognised as one of the leading women entrepreneurs of the world by The Star Group. The event will be held in Venice, Italy on Sunday, April 9th through Wednesday, April 12th.  This year’s event sponsored by IBM, The Chase Manhattan Private Band, Starwood Hotels and Resorts Worldwide. Christian Dior will serve as a supporter, along with Ruinart Champagne and Asprey & Garrard.

This year, the 40 honorees selected for the year 2000 will be joined by more than 40 past honorees at the fourth annual millennial gala and celebratory events to honor The Leading Women Entrepreneurs of the World.

Laxmi heads Laxmi Wood Craft Udhyog, the first buffalo horn and bone button factory in Nepal. She also holds the distinction of being the first woman Tempo driver, a title she is proud to hold. For all the hardships that she has gone through to establish herself in the business world, this award comes to her like a fresh breath of recognition that has not yet come her way from her own country fellows.

12th ICDC to face challenges of insurance market

By A Staff Reporter

In order to face the challenges of emerging insurance markets in the 21st century, the Association of Insurers and Reinsurers of Developing Countries (AIRDC) observed the 12th Insurance Congress of Developing Countries (ICDC) in Kathmandu on Monday.

The present edition of ICDC, which is being organized in every two years since 1977, is being participated by more than 400 national and international members representing insurers, re-insurers, regulators, brokers and surveyors.

Addressing the participants of the two-day conference, Finance and Foreign Minister Dr. Ram Sharan Mahat said that insurance is the fastest growing business in the modern world. “The insurance sector has contributed substantially to the development endeavour through its useful role in mobilizing smaller and widely scattered savings for the investment in various areas,” he said.

He also said that the government has played an important role by fostering of this industry by welcoming foreign companies in insurance and re-insurance sector.

Though the concept of risk sharing existed in Nepal since ancient times in the form of social security and co-operative programmes, insurance in its modern form began only a few decades ago. The insurance business first started in 1968 with the establishment of Rastriya Beema Sansthan under the Company Act of 1964.

However, this business saw biggest growth only in the 1990’s, when many insurance companies, both foreign and local came to existence in Nepal. This was basically due to the changed political situation in the country and the rapidly changing international scenario abroad.

Minister Mahat said that the growth of the insurance business symbolizes the increase in the volume of economic activities, trade and transit along with the concerns of people for protecting their valuable goods and properties. “Development of important sector like insurance will certainly bring significant change in the country’s economy,” he said.

The conference titled “Facing the Challenges in Emerging Insurance Markets in the 21st Century”, is targeted at providing continuation to the international efforts, particularly that of the Third World, in helping the emerging insurance markets in the developing countries.

V. R. Ayllon, President of AIRDC said, that Nepal was selected as the venue of the 12th ICDC was itself a powerful message that shows the commitment of AIRDC in taking up the challenges of the insurance business in the new century.

He also said that in order to succeed in the global market, the local companies and the countries must leverage their own strengths and constantly shore up its technical capabilities. “We must also pay attention to the change in customers’ life-style brought about by modern technologies as these have a profound effect on our insurance policies”.

No change in lifestyle, say the Janajatis

By A Staff Reporter

Bulk of Nepal’s Janaati (also called the ethnic ationalisties) population do not think that there has been any improvement in their lifestyle despite reintroduction of democracy in 1990.

Fifty-three percent of the Janajatis interviewed by the Media Services International (MSI) in different parts of the country said that they felt no improvement in their way of life, but 36% said that some improvements had been made. Those who did not know anything about the improvement accounted for 11% of the respondents.

Among those who felt some improvement had been made in their lifestyle, 44% said improvement was visible in the social sector, 38% said in the political sector and 19% said in the economic sector.