. The Institute of Chartered Accountants of Nepal (ICAN) has launched the Global Accounting Initiative in Nepal (GAIN) with the objective of increasing employment and income through service export by making Nepal’s accounting and auditing services competitive in the international market.

The project was formally launched amidst a programme organized in the capital today. ICAN’s project objectives are to brand Nepal as a trusted outsourcing destination, develop strategic partnerships, and create sustainable jobs, focusing on accounting and financial services in Nepal. The project aims to create 50,000 jobs annually within five years and 150,000 jobs in the next 10 years. During this period, there is a plan to bring in income of around Rs 80 billion annually through service exports.

Under the project, priority will be given to the development of regulatory and institutional framework for accounting outsourcing, construction of secure digital infrastructure, training of human resources as per world-class standards, and quality service delivery. In addition, innovation and entrepreneurship will be promoted by establishing outsourcing hubs, digital platforms and incubation centers.

ICAN President Nil Bahadur Saru Magar informed that the GAIN project would be implemented as a regular program from the next fiscal year. According to him, there is a lot of potential for Nepal to compete in the world market given the impressive presence of countries like India, Bangladesh, Vietnam and the Philippines. “An environment should be created in which the organizations of different countries of the world can provide accountancy services staying in Nepal,” he said, adding that skill development and policy clarity are indispensable to establish Nepal as the outsourcing hub of South Asia. ”

On the occasion, Deputy Director of ICAN, Santosh Bista, said that the five-year Strategy for 2081-2085 was currently being implemented.

The project plans to promote digital publicity targeting potential markets such as the UK, Australia, USA, EU, produce high-quality publicity materials and expand opportunities by collaborating with the Nepali community in Nepalese living abroad. In addition, a special certificate program on accounting software and outsourcing to be used globally, development of a national talent registration system and curriculum development on outsourcing have been initiated.

ICANN has expected policy reforms such as tax exemption, clarity on VAT related issues, simplification of foreign exchange process, strengthening data protection laws, facilitation of Nepali companies to open branches abroad and accepting foreign investment quickly.

ICAN believes that after the implementation of the project, Nepali audit firms and people will increase their presence in the international market and contribute to strengthening the country’s economy through service export.