Nepal’s IT and communication industry is seeing its foreign investment value growing. According to the latest report from Nepal Rastra Bank (NRB), the industry received over Rs 12.73 billion in direct investment from abroad ventures.
As Nepal braces for severe economic regress, multiple sectors are suffering. The import just around the festive time also reflects the harrowing crisis Nepal’s enterprises and economy are facing. However, the digital technology sector seems to be an exemption.
According to NRB’s report FY 2021/22, foreign investment in IT and communication has grown. The report showed figures till FY 2022.
During the period, a total of Rs 2 trillion, 64 arab, 32 crores, and 95 lakh foreign investment was in Nepal while 4.8% accounted for the communication sector.
Also read: QR code transactions worth Rs 30 billion in a month
Foreign investment in IT and Communication in Nepal
In 2021/22, Rs 12 arab, 73 crore, 30 lakh foreign investment was in existence in Nepal’s IT sector. The year saw an increase of Rs 1 arab, 87 crore, 48 lakh or 17.3%.
The report highlights that China has the highest investment in the industry. The northern neighbor made an investment of a total of Rs 1 arab, 60 crore, 55 lakh. The manufacturing giant’s IT industry investment represents 4.8% of its overall investment in Nepal.
The rising investment is a bright reflection of how the industry is moving. Nepal is going through a severe economic recession, however, the ICT sector is still expanding and improving. It’s safe to say that it’s booming post-Covid-19 at a spectacular rate.
Earlier, there also came the news that Nepalese sold ICT services worth Rs 67 arab in 2022, all in all, this goes on to show the potential of the industry’s growth for years to come.
