Nepal's biggest export is Information technology through Nepalese earned 67.5 billion Amount

Aug Tue 2023 05:00:00

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Nepal's biggest export is Information technology through  Nepalese earned 67.5 billion Amount

Kathmandu. In the financial year 2078/79, Nepal exported goods worth two trillion. The amount earned by Nepal by exporting information technology services in one year is 43 percent of the total exports. However, earnings from information technology exports are not found in official government statistics. According to Nepal Rastra Bank, Nepal earned 14.93 billion 2.5 million from abroad in telecommunication, computer and information technology services in 11 months of the last financial year (from July to May). Meanwhile, it has also been seen that Nepal has paid 1.71 billion 82 million abroad.

The study report titled "Exposure of Information Technology: Advancing Nepal's Digital Economy" has shown that there are 106 companies exporting information technology services in Nepal. Apart from that, 66 thousand 509 freelancers are also exporting software development and technology services, according to the study report. The report states that the export of information technology services has increased by 64 percent in 2022 compared to 2021.

The study stated that information technology services exported from Nepal in 2022 were 1.4 percent of the gross domestic product and contributed 5.5 percent to the country's total foreign exchange reserves. It has been mentioned that 83.5 percent of those working in information technology export are young people in the age group of 20 to 29 years. This is all the money earned by Nepalis by selling information technology to foreign companies while staying in Nepal

Since there is no need to physically export the goods and transactions are done through the Internet, not much has been included in the official statistics about the export of information technology services. On top of that, there are many speculations that re-investment abroad or the use of foreign exchange in the form of hundi etc. In recent years, the debate on the need to transform the economy towards such areas of 'comparative advantage' has started to increase.

  In recent years, skilled young manpower in the field of information technology is increasing within Nepal. There has been an increase in the number of people who stay in Nepal and develop technologies ranging from software, applications to artificial intelligence and sell them all over the world and provide services to international companies.