In light of the International Youth Day 2020, this article hovers over some potential opportunities for youths in Nepal.
As Nepal struggles to contain the Covid-19 (I promise to use this word only once in this article, so save yourself from exclaiming, ‘There we go again!’) pandemic, leaping into new opportunities and investments may be risky. How will the pandemic play out? Nobody knows!
This uncertainty and the higher risk in investment can be viewed from an optimistic angle. However, optimism and colorful charts with numbers showing tremendous future opportunities must be met by immediate actionable steps.
Looking ahead, the Future Possibilities Report 2020 highlights six transformational trends. They are Exabyte Economy, Wellbeing Economy, Net Zero Economy, Circular Economy, BioGrowth Economy, and Experience Economy; each with respective future opportunity value of more than 8 trillion, 7 trillion, 2.3 trillion, 4.5 trillion, 1 trillion and 6.5 trillion USD globally.
So which trends are applicable to Nepal in the immediate term?
Let’s start with the Wellbeing Economy. The wellness market includes diverse sectors including fitness, diet, beauty, travel, real estate, educational & organizational practices, and mental wellbeing.
Products and services that cater to areas where the government has set a target can be a business opportunity that can even grow internationally with visions closely tied to the Sustainable Development Goals (SDGs).
This market is further propelled by the current (the one that should not be named) pandemic. Nepal’s tourism sector can take the most benefit from this.
Capitalizing Nepal’s scenic splendor and culture, it provides a beautiful oasis for urban and international tourists who want an escape from the chaotic, productivity-crazed urban life.
Add to this the sweet ingredients of fitness, diet, travel, and garnish it with mental well-being, then you have a well-packaged product to scale.
Closely tying the Wellbeing Economy with the Experience Economy, confetti of opportunities burst open. Once the tourism sector opens, customer experience will become ever more crucial.
How can you make tourists feel safe? How can you reach more customers with the same quality of service and less overhead? How about the use of Chatbots? How can you make your customers feel special through customized service?
How can virtual reality grow your business as technology becomes more affordable? These questions should revolve around one’s head and a niche business should be grabbed.
Then let’s go to the net-zero economy. This is a global phenomenon, as the population grows, demand for electricity grows and so does the generation and distribution network.
Globally, innovation in technologies, investment models, and markets can be expected from battery technologies, electric vehicles, energy-efficient buildings, and hydrogen-powered fuel cells.
In Nepal, with the government’s steep energy target to increase the mix of renewables to 12% by 2023/24, add 5,000MW of hydropower plant by 2023/2024 and achieve 99% electricity access by 2030, creates a whole range of opportunities.
In Nepal, the agriculture sector has always remained a priority sector and even more so in current times. Innovation turned into a business that aims to increase farmer profitability by improving the agriculture value chain can become a game-changer.
All sectors must support to realize this target i.e. education, capacity building, access to finance, and growth of energy companies, to name a few.
Products and services that cater to areas where the government has set a target can be a business opportunity that can even grow internationally with visions closely tied to the Sustainable Development Goals (SDGs).
Finally, I want to mention the BioGrowth economy. Globally, rapid progress in biomaterials, plant science, and synthetic biology will lead to breakthroughs in areas such as biodegradable materials, resilient crops, fuel refining from agricultural waste, and animal protein substitutes.
In Nepal, the agriculture sector has always remained a priority sector and even more so in current times. Innovation turned into a business that aims to increase farmer profitability by improving the agriculture value chain can become a game-changer.
The spread of another pandemic
In this International Youth Day, I would like to advise the youths to study, invent, and re-invent in sectors that are projected to boom globally and domestically.
In modern times, globalization has caused the spread of another pandemic: The capitalist pandemic. This has been deeply engrained in the function of the current global economy and Nepal needs to hit the acceleration pedal. Forget not, this other pandemic requires trust in the future.
(The writer has a Master degree in Alternative Energy Engineering from the UK and is the Managing Director of Quasar Energy Consultants in Kathmandu)
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