KATHMANDU: Economic Digest offers a concise yet comprehensive overview of significant business happenings in Nepal, presented in easily digestible summaries.
The year 2024 has been a period of growth and challenges for Nepal, with key developments across various sectors.
Tourism has seen a significant boost, with foreign tourist arrivals rising by over 14% compared to 2023, signaling a positive recovery in the industry.
This growth is complemented by the inauguration of the 5-star Royal Tulip Hotel in Lalitpur, a major investment in the hospitality sector.
The Nepal Stock Exchange also experienced a slight uptick, reflecting a minor but promising improvement in the country’s financial market.
On the agricultural front, figures like Giriraj Khanal, who produced cardamom worth over Rs 3.4 million, exemplify the potential of farming as a viable income source despite a broader trend of migration away from agriculture.
However, the government’s decision to blacklist 12 construction companies raises concerns over the sector’s integrity and the enforcement of procurement policies.
With these developments, it is clear that while Nepal is witnessing growth in several areas, there remain systemic challenges that need attention, especially in ensuring sustainable growth in tourism, agriculture, and infrastructure.
Nepal welcomes 1.147 million foreign tourists in 2024
In 2024, Nepal welcomed 1.147 million foreign tourists, a significant increase of over 14 percent compared to 2023.
The Nepal Tourism Board reported that 1.147 million tourists visited the country from January to December 2024, up from 1,014,871 in 2023, according to Director Marinraj Lamichhane.
New hotel in Lalitpur
The Royal Tulip Hotel, a 5-star establishment with 302 rooms, has been formally inaugurated in Lalitpur.
Built on a 16-ropani plot, the hotel was developed with an investment of Rs 6 billion by Indian businessmen.
The inauguration ceremony was attended by Lalitpur Metropolitan City Mayor Chiribabu Maharjan, and the project was finalized through an agreement between Guna Group Director Rajendra Shakya and Hotel Sarovar Chairman Ajay Kumar.
NEPSE sees slight increase
The Nepal Stock Exchange (NEPSE) saw a slight increase on Thursday, rising by 4.63 points to 3586.23.
The turnover increased to Rs 4.6 billion, up from Rs 3.5 billion on Wednesday, with 186,705 shares traded.
Cardamom production success
Giriraj Khanal, the outgoing ward chairman of Ilam Sandakpur Rural Municipality-2, has set an inspiring example of success in agriculture.
Khanal produced cardamom worth over Rs 3.4 million this year, demonstrating that agricultural ventures can provide a higher income than working abroad.
This success comes at a time when many are leaving farming, yet those who remain in agriculture are thriving.
Over Rs 110 million worth of paddy sold
Farmers in Nepal have sold approximately Rs 110 million worth of paddy to the Food Management and Trading Company Limited’s Main Branch Office in Nepalgunj.
Since mid-November, the company has purchased 31,690.98 quintals of paddy, with payments totaling Rs 118 million, according to office chief Ram Sharan Lamichhane.
Tourism sector prosperity
Minister for Culture, Tourism, and Civil Aviation Badri Prasad Pandey emphasized the need for the private sector to play a leading role in the development of Nepal’s tourism industry.
During a meeting of the International Relations and Tourism Committee, Pandey shared that two stakeholder meetings have already been held to coordinate efforts between the three levels of government for the sector’s growth.
Gold price increases
The price of gold in Nepal increased by Rs 500 per tola on Thursday. According to the Nepal Gold and Silver Merchants’ Federation, gold was traded at Rs 151,500 per tola, up from Rs 151,000 per tola the previous day.
Blacklist of construction companies
The government has blacklisted 12 construction companies and suppliers. The Public Procurement Monitoring Office issued a notice confirming the decision, which was made based on a review conducted by the office earlier this week.
(Prepared by Srija Khanal)
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