Tech Peak Nepal 2024, an event dedicated to Nepal's IT sector, kicked off in Kathmandu on Thursday, bringing together more than 200 national and international experts, professionals and government officials in a single platform.

Participants at the event jointly organised by the Confederation of Nepalese Industries (CNI), NAS-IT, and the American Chamber of Commerce in Nepal (AMCHAM), stressed the need to attract investments to Nepal's burgeoning IT sector that can play a pivotal role in generating jobs and help the country’s economy to grow.

“In 2022, Nepal's export of IT services experienced an extraordinary surge, reaching a remarkable figure of $515.4 million. That IT services have emerged as the country's top exportable product is a significant achievement,” said Rajesh Kumar Agrawal, the CNI president.

“The exponential growth witnessed in software development and digital services, particularly through offshore outsourcing, was a testament to exceptional talents and capabilities that thrive within our borders.

It underscores the resilience and ingenuity of Nepali professionals who have showcased their progress globally, positioning Nepal as a key player in the international IT arena. This monumental leap in IT signifies economic progress and symbolises the growing recognition of Nepal as a hub of technological innovation and expertise.”

“Together, we aim to elevate Nepal's IT sector, fostering innovation and partnerships that drive our digital economy forward. Let's seize this opportunity to forge connections between local startups, established firms, and international investors, setting the stage for fruitful collaborations at the upcoming Nepal Investment Summit, 2024,” CNI Vice President Hem Raj Dhakal said.

“As we enter the digital age, the transformative influence of technology is undeniable. There has been a shift in market dynamics, leading to the emergence of numerous job opportunities. The rapid growth of technology and innovation has further created an interdependence between economies and market systems.”

Nepal is emerging as a contender on the global stage, buoyed by its youthful demographic and escalating proficiency in IT and the English language. Recent studies highlight the nation's strides in the Information Technology Enabling Services (ITES) domain, with export figures in this sector now eclipsing earnings from its traditional tourism industry. This shift underscores a significant potential within Nepal's economy.

Research conducted by the Institute for Integrated Development Studies (IIDS) shows that IT service exports contributed $515.4 million to Nepal’s economy in 2022, thereby becoming Nepal's leading export.

Shiva Raj Adhikari, vice-chairman of the National Planning Commission, said that the IT sector holds a vast export potential that could drive the growth and prosperity of the country. “We need to encourage investments in this sector.”