This is the first edition of NBEA 2017 jointly hosted by the Confederation of Nepalese Industries (CNI) and the US-based global consulting firm Frost & Sullivan.

NBEA 2017 recognized the Nepali companies based on the adoption of best practices and investor-friendly business models that have a major impact on business and society in Nepal.

The awards ceremony began with the interactive panel discussion titled “Nepalese companies will be globally competitive by 2022 – An utopic assumption or a possible reality?” that dwells on the role of business excellence, industry challenges, government policies, among other issues that are key in the global business environment.

Awards were divided into Silver, Gold and Platinum categories and  one of Nepal’s largest trading firms Sipradi Trading Private Limited was honored with the ‘Super Platinum Award’ for outstanding performance in overall business practices.

Nepal SBI stood as the first runner-up, followed by Vijay Distillery and Mega Bank Nepal with ‘Gold Award’, among others.

Nepali Firms Need Global Standards: CNI

Speaking on the side-lines of the awards, CNI President Hari Bhakta Sharma called on the Nepali companies to “adopt internationally-accepted systems to boost efficiency, output, competence and corporate culture to stay relevant in the market”.

“Nepal is heading towards policy stability, leading to steady economic growth and opening up vast investment and expansion opportunities for companies,” he added.

NBEA Will Enhance Awareness

Meanwhile, Nitin Kalothia, Director, Manufacturing & Process Consulting Practice, Frost & Sullivan, said, “The awards will enhance awareness and accelerate the adoption of global best practices among Nepali companies. This will further improve growth, profitability and competitiveness of the organizations.”

The awardees were evaluated based on the four core business processes including Business Planning, Strategy Alignment and Deployment, Organization Building, Process Management and the Final Business Result.

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The World Bank’s Doing Business (DB) 2018 report highlighted rise in Nepal’s doing business index to 105^th position, globally, from the earlier 107^th position in the Doing Business 2017 index.

Region-wise, Nepal (105) stands third after Bhutan (75) and India (100), and is above Sri Lanka (130), Maldives (136), Pakistan (147), Bangladesh (177) and Afghanistan (183).

“A total of 20 reforms making it easier to do business were implemented by six of the eight economies in South Asia in the past year. This is more than double the region’s annual average of less than nine reforms over the past five years,” the World Bank said in a statement.

Getting Credits and Minority Investors Contributed Majorly

WB pointed at getting credit and protecting minority Investors as the two key DB reform factors that contributed to rise in in Nepal’s ease of doing business ranking (Range: 1-190).

Starting a business, dealing with construction permits, getting electricity, registering property, paying taxes, trading across borders, enforcing contracts, resolving insolvency were among DB indicators WB considered to measure improvement in the Nepali economy.

According to WB, the implementation of a functional secured transactions system by way of operationalizing the existing law on secured transactions helped Nepal in boosting access to credits.

With regard to protecting minority investors, WB highlighted Nepal’s move towards greater corporate transparency.

In terms of the DB 2018 Distance to Frontier (DTF) ranking (Range: 0-100), South Asia stands at 53.64 and Nepal at 59.95.

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