<figure><img width="1342" height="899" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221114101140/63720cf99c7e80680e0b789ajpeg.jpg" alt=""/><figcaption>Photo: DARAZ</figcaption></figure>Aanchal Kunwar sits in her office that has an overview of employees of Daraz busy at their desks. A meeting is in progress in  a conference room next door.In January, Kunwar became one of few women in leadership in Nepal’s corporate sector, <a href="https://www.nepalitimes.com/business/anchal-kunwar-at-daraz/" target="_blank" rel="noopener noreferrer">heading the operations of Daraz</a>, the company now owned by China’s Alibaba.Kunwar was working for Amazon in Seattle when a recruiter reached out to her via LinkedIn to let her know that the Managing Director position was open at Daraz in Nepal. “I felt like coming back to Nepal after gaining all the experience would be more impactful than whatever else I could be doing right now in the US,” she says.Kunwar was born and raised in Kathmandu and spent her early childhood moving around the country because of her father’s job. She left for the US after high-school, graduated in maths and economics, and began to work for Carlson Wagonlit Travel (CWT) while doing her MBA. She then worked for Amazon for five and a half years, managing the company’s mass cosmetics business, working in global expansion -- helping launch the platform in countries like Sweden, Poland, Saudi Arabia and Egypt.  “Four years into that job is where I was starting to think --what do I want to do next in my life?” Kunwar recalls.  <img width="126" height="150" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221114101140/63720cfb9c7e80680e0b789bjpeg.jpg" alt="">“There was a clear path in terms of just moving up the ladder in the corporate world. But something in me was telling me that wasn't enough, and that I needed not something more, but probably something different, something that I believed would be more fulfilling.”  Kunwar had been considering going into the non-profit sector when Covid hit. “With the pandemic, I thought I’ll just hold my thoughts for a little bit because there were a lot of other things to handle.” When the Daraz opening in Nepal came up, she remembers thinking: “That would be cool.” Daraz would be a perfect fit: she was Nepali, had similar approaches to running a business in terms of being <a href="https://www.nepalitimes.com/latest/nepali-company-wins-global-environment-awards/" target="_blank" rel="noopener noreferrer">socially and environmentally responsible</a>, and a customer focus.  Kunwar’s entry into Daraz coincides with a <a href="https://www.nepalitimes.com/here-now/nepal-e-shopping-booms-under-covid-19/" target="_blank" rel="noopener noreferrer">dramatic growth in e-commerce in Nepal</a> as Nepalis locked up at home during the pandemic began to explore online purchases.   “The pandemic has definitely helped push people towards e-commerce more,” Kunwar notes. “Prior to the pandemic it was probably just the younger generation but during the pandemic, even the older demographics understood the convenience and started buying things online.”  Kunwar is convinced the Nepali market is quick to adopt new technologies, and gives the example of the <a href="https://www.nepalitimes.com/opinion/nepals-e-conomy-rapidly-goes-digital/" target="_blank" rel="noopener noreferrer">growth in e-payments</a>. Even till last year, only 10% of Daraz business was through e-payments, now it is half.  Kunwar’s experience at Amazon has given her insight into how global markets operate, and the unique set of challenges that markets across the world present with legal restrictions, logistics, and tools. Nepal’s challenges include lack of experience in e-commerce which means sellers need the right kind of training and education to be able to answer questions, so buyers have the information they need to make a judgement call, she says. Read also: <a href="https://www.nepalitimes.com/banner/nepals-budding-e-commerce-ecosystem/" target="_blank" rel="noopener noreferrer">Nepal's budding e-commerce ecosystem</a>, Sikuma Rai Another challenge is that Nepal does not have a proper GPS mapping system, and deliveries still have to call people to figure out where exactly they are located. “An unstable government adds to the challenges with banda announcements,” Kunwar says. “And during Covid, if there is a lockdown or odd-even rules, we have to navigate that and ensure proper delivery. These challenges are unique to Nepal, you wouldn’t see them in the US.” She adds, “The companies I worked for in the US are very mature businesses, where processes are defined. Here in Nepal we still have a <a href="http://archive.nepalitimes.com/regular-columns/Cross-Cutting/Start-ups-need-staying-power,439" target="_blank" rel="noopener noreferrer">start-up</a> culture. But we will probably be where Amazon is now in a number of years.”  Daraz currently operates in 47 cities across Nepal, and plans to expand to 80 this year. But Kunwar wants to take one step at a time, and have the logistics in place for growth. “In the last two years, we have had to run before we could walk, but in order to keep growing, we just need to have processes in place,” she says. “We need our key account managers to focus more on strategy and then have execution be more on a lower level.” This is dependent on improvements in connectivity, people being able to shop online, road infrastructure, and mapping systems.   As Daraz Nepal’s managing director, Kunwar joins a growing number of <a href="https://www.nepalitimes.com/latest/women-leaders-set-example-for-rest-of-nepal/" target="_blank" rel="noopener noreferrer">Nepali women taking the lead</a> in the corporate world. “My family raised me no differently than my brother,” she says. “So I’ve always questioned the status quo. I don't take 'This is just how things are’ as an answer.” She admits that there have been instances since she joined Daraz where men in power have shut her down halfway through her introduction.  “It is something that I wish was different but it’s not,” she admits. “But I don't necessarily let that get to me as long as it is not preventing me from doing what I want to do for the business, and for the country.” Kunwar says her driving force is putting in the hard work, and making her presence felt. Outside Daraz, Kunwar is passionate about education for under-served Nepalis and sponsors young students.   She wants to focus on mentorship because even when students have funding for education, they cannot dream bigger because they are stuck in their social milieu.  “I came back to make an impact for Nepal, it is broader than just Daraz,” says Kunwar. “Five years from now, I'm hoping to make some impact here, in addition to taking Daraz to new heights with the team.” Read also: <a href="https://www.nepalitimes.com/opinion/holding-up-half-the-economy/">Holding up half the economy</a>, Ashutosh Tiwari

Shristi Karki

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New Daraz MD seeks to make an impact in Nepal

<img width="1920" height="700" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110161148/636d1dbc9c7e80680e0af3d3jpeg.jpg" alt=""/>Daraz has announced a new year-end sale “Daraz 12.12.” with discounted prices, card discounts up to 10%, and mega vouchers going up to Rs4,000. Customers of Sunrise Bank, NMB, Bank of Kathmandu, Citizens Bank and Everest Bank can avail 10% (max Rs2,000) via Credit Card and 10% (max Rs1,000) via Debit Card during the sale. Customers will also be able to get up to 10% discounts upon using E-Sewa or IME Pay during limited sale periods. Brands like Philips, Samsung, Lenovo, Erke, Lotto and CG Digital will be offering as far as 60% in discounts.

Daraz new year-end sale

<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022111016114/636d13879c7e80680e0a9928jpeg.jpg" alt="" width="640" height="335"/>Daraz has set a new record during its 11.11 campaign generating over Rs360 million in sales within the first hour. This is a 130% increase from last year. Nepal’s increasing use of e-commerce has also been put on display with around 50% of the payments taking place online through credit cards, wallets and other services.

Daraz's record sales

<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/2022111016110/636d121d9c7e80680e0a98bcjpeg.jpg" alt="" width="1080" height="1080"/>Leading up to the 11.11 annual sale event, Daraz is hosting a Grand Gala Live for its users on 10 November. The Live show will be hosted by Suraj Singh Thakuri and Malvika Subba and will feature 11 celebrity guests, along with a musical performance by Ness Studio and interactive games.Consumers will also get an opportunity to win prizes including a new TVS Raider. The show will be exclusively live streamed on the Daraz app. Users can learn more about the campaign as well as win collectable vouchers by tuning in to Daraz live on the app from 1 November onwards.

Daraz Grand Gala Live

<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110151156/636d11b49c7e80680e0a989cjpeg.jpg" alt="" width="640" height="480"/>Everest Bank Ltd (EBL) and Daraz Kaymu Pvt Ltd have signed a Memorandum of Understanding for discount partnership during the Daraz 11.11 campaign. Customers making payment using e-commerce activated Debit and Credit cards from Everest Bank can avail up to 15% discount during the event. Credit card holders can get a discount up to Rs3500 and the maximum discount for debit card users is Rs3000. The event will go live on 11 November.

Discounts galore

<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110161132/636d19b29c7e80680e0ac833jpeg.jpg" alt="" width="1920" height="966"/>Online shopping did not take off in Nepal for the longest time. It took the pandemic and subsequent lockdowns that restricted movement for the Nepalis to start buying goods over the Internet.Many retailers also closed down physical shops following the Covid-19 crisis and limited their sales digitally via social media platforms like Instagram and Facebook, which further promoted the culture of online payment in the urban centres.The growth of e-commerce in Nepal is still hindered by the central bank’s regulation on cross border payments and lack of essential infrastructure but proliferation of digital wallets and bank card has increased the access of ordinary Nepalis to online shopping.Daraz, a subsidiary of China’s Alibaba, has been trying to boost digital shopping with events like annual 11.11 sales that was launched in 2009 and in 2018 in Nepal, and has since become the largest online shopping extravaganza.The pandemic iteration of the 11.11 shopping festival timed for Tihar last year was its most successful edition yet. Despite the Covid-19 induced economic crisis, over 520,000 consumers from 27 cities across Nepal bought products worth Rs20.5 million from 7,000 retailers in the just first hour of the sale, up from 60%the previous year.The shopping event saw significantly higher numbers in online pre-payment via wallet and bank card taking up 45% of the total sales. Small and medium sized enterprises (SMEs) who went online during the pandemic like Masala Beads, Juas, Mantra, Goldstar, Vans, and more generated 23% of the total sales.“Sellers are at the heart of our strategy and we can only thrive together. The domestic economy has been hit hard due to the pandemic, therefore, it is fundamental for us to help bring the economy back on track,” says Lino Ahlering, managing director of Daraz Nepal.He adds: “E-commerce and particularly Daraz as the leading marketplace in the country is growing extremely fast. 11.11 - the world’s biggest sale day is now only a few days away and is not only a unique opportunity for our customers across the country but also for our 12,000+ sellers to keep growing in these times.”This year’s sale is expected to break more records with over 1.1 million items with heavy discounts on display and delivery services extended to 47 cities. More than 12,000 retailers with leading domestic and international brands are joining the bandwagon this Tihar. Daraz has also been supporting SMEs waiving off their marketplace fee for three months under the Sahayatri Campaign“With Daraz’s mega campaigns driving sales for sellers, more consumers and brands are going online,” claims the company. “Brands and payment partners today are more aware of the impact of Daraz’s sale campaigns and ecommerce as a whole, thus, it isn’t uncommon to find many popular national and international brands promoting and offering lucrative deals on Daraz.”Daraz says its over 12,000 retailers are now undergoing necessary preparations for smooth delivery of goods keeping up with the increased consumer demand ahead of the big sale day on 11 November. Currently, Daraz has around 15 delivery hubs located throughout the country from where customer’s products are shipped to and from.Lack of proper road network connecting major cities and street addresses adds to the challenges in delivering goods and services. As such, the company also runs Daraz Express to deliver the goods, and has hired delivery riders familiar with a particular locality in any given part of the country.Ever since its acquisition by Alibaba in 2018, Daraz’s key focus has been to build a countrywide logistic infrastructure which it hopes will allow the company to increase its footprint but would also aid in creating a better ecommerce ecosystem in the country, according to the company.Says Daraz Nepal: “The company expects their biggest one day sale will enable further growth for sellers, and also help further develop an ecommerce ecosystem where logistic companies, payment partners, and everyone involved benefit greatly.”

Nepalis e-shop for 11.11 and beyond

The pandemic may have set back the year in many ways, but the gears of the tech-verse have been moving ahead quietly, with gadgets taking up more and more space in the daily life of urban Nepalis.All it takes is the right gizmo at the right time for us to forget that we ever lived with tiny inconveniences and administered most tasks manually.From fancy disinfectants to air filters, gadgets become a way to improve health and quality of life, and these items are all available in Nepal. Investing in a WiFi range extender makes life easier, while gadgets like the ring light and pocket printers are not just trendy, but a bang for the rupee.Godrej Viroshield 4.0Living in a time where health precaution is a priority, there could not be a more relevant device: Godrej Viroshield 4.0 is a disinfecting device that claims to destroy 99% viruses in 2 to 6 minutes through UV-C rays.An Indian Council of Medical Research (ICMR) lab tested and certified product, its 4 UV bulbs carry out UVC sterilisation—a widely used method of dry killing pathogens—on products ranging from masks and gloves to groceries, parcels, toys, and documents. Medicines, batteries and power banks cannot be de-germed.With a capacity of up to 30 litres, Viroshield can be used to disinfect multiple items at once, saving time and energy, and is perfect inside home entrances, in the lobby, or the first room that you enter when you get home.Price: NPR 21,790 18,790Where to buy: <a href="http://www.cgdigital.com.np/">www.cgdigital.com.np</a><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110111120/636cd1099c7e80680e08f88djpeg.jpg" alt="" width="640" height="454"/><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110111120/636cd10b9c7e80680e08f88ejpeg.jpg" alt="" width="640" height="640">Bbluv HEPA Air PurifierIf you are asthmatic or allergic to dust, pollen, pet dander, smoke, mould, mites, or bacteria, this air scrubber is your ally. If you are also extra sensitive to odours from pets or smoke, this may prove to be a smart purchase. The Bbluv 3-in-1 HEPA Air Purifier uses triple air purification with activated carbon and ionising technology to remove 99.7% of harmful allergens and pollutants. The device sits on a table and works quietly by itself, making it easy to leave in the kids’ bedroom or play room, so it does not disturb them while they sleep or study.With a simple intuitive touch control panel with 2 speeds of air purifying intensity and a coloured LED indicator, its levels can be adjusted to accommodate your need. The HEPA Purifier filters all particles larger than 0.3 microns, and comes with an air filter that lasts 12 months. It is quick and easy to install and replace. You can order a new air filter from multiple e-commerce websites in Nepal.Price: NPR 7,090Where to buy: <a href="http://www.gajabko.com/">www.gajabko.com</a>Portable Rechargeable Selfie Ring LightFor those who do not want to experiment and spend a couple thousand rupees on a 2m tall ring light with a tripod, here is a mini-version. During the lockdown we realised that camera ring lights are not just for onscreen celebrities, but could come in handy when shooting a new TikTok video, or during online office presentations. They up your image quality and make you look that much better.The tiny gadget comes with 1 selfie light and a USB cord to connect to your phone for a recharge. The clamping thickness of up to 15mm allows the ring light to be easily attached to most cell phone models. With 1.5 hours of charge time, it gives 2 hours of usage. The LED is bright enough for your selfie needs and has three levels of brightness, adjustable to different lighting conditions. This one is for the Tik-Tokers, the Instagram artists and selfie-savvy Gen Z or millennial consumers.Price: NPR 799 449Where to buy: <a href="http://www.bestdealsnepal.com.np/">www.bestdealsnepal.com.np</a><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110111120/636cd10d9c7e80680e08f88fjpeg.jpg" alt="" width="1367" height="1500"><img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110111120/636cd1109c7e80680e08f890jpeg.jpg" alt="" width="350" height="350">Netgear WiFi Range Extender EX6120A WiFi range extender, does exactly what its names suggests: It extends the range of your Internet connectivity at home so that you can access your favourite streams from any corner of your home or join a Zoom call without having to move around, trying to get better reception. Netgear WiFi Range Extender EX6120 does just this alongside offering outstanding features and efficiency.The AC dual band WiFi device covers a range of 111m2 and lets 20 devices to be connected at one time. It can repeat up to 1200 Mbps Internet speed and its FastLane technology makes it an optimum choice for users who stream HD content and play video games online.The compact form factor hardly takes up space and plugs in neatly in a wall socket. It works with any wireless router, gateway or cable modem, of any brand, as well as any up-to-date Internet browser (Safari, Firefox, Chrome, Internet Explorer, MS Edge). Netgear also offers 1 fast Ethernet port for maximum speed in wired devices such as a computer, video game console or a smart TV.Price: NPR 10,900 6,200Where to buy: <a href="http://www.sastodeal.com/">www.sastodeal.com</a>Huawei Portable Photo Printer (Pocket Printer)While the sharing of digital images via social media platforms is all the rage, nothing beats the feel of there being a printed image that captures a cherished memory. The Huawei Portable Photo Printer enables you to bring to life your smartphone photographs through beautiful 50x76mm prints. The printer conveniently slips into your pocket and all you need to do is take it out, connect it to your smart device via Bluetooth and press print to turn your images into mementos.<img src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221110111120/636cd1119c7e80680e08f891jpeg.jpg" alt="" width="338" height="336">Lightweight and compact, this brilliant little gadget uses inkless printing technology with a resolution of 313x490dpi, print speed of about 1 minute and comes with 10 sticky photo papers that you can keep replenishing. Whether you are traveling, getting together with friends and family or simply wish to gift someone a beautiful photograph, the Huawei Portable Photo Printer is just the thing to carry around and spread joy.Price: NPR 19,999 9,989Where to buy: <a href="http://www.daraz.com.np/">www.daraz.com.np</a>

Saniaa Shah

Right gizmos at the right time

2020’s tips for 2021

<figure><img width="960" height="640" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221109181116/636be0ed9c7e80680e083e1djpeg.jpg" alt=""/><figcaption>Photo: MONIKA DEUPALA</figcaption></figure>Infi Store had just begun its operation when the government announced a nationwide lockdown in March to contain the spread of coronavirus. Eight months later, the company with its out-of-the-box marketting strategy for delivery in partnership with Pathao ride service, has boomed.Infi’s collaboration with Miniso and innovative schemes like home delivery of live mountain goats and chicken for Dasain, were all the  rage with customers who were wary of venturing to markets because of Covid-19.“We surprised ourselves, our business picked up because of the pandemic fears,” explained Yeshu Thakali of Infi Store. While Infi was the right idea at the right time in <a href="https://www.nepalitimes.com/banner/nepals-budding-e-commerce-ecosystem/" target="_blank" rel="noopener noreferrer">Nepal’s nascent e-commerce ecosystem</a>, pre-existing establishments like Daraz and Sasto Deal continue to dominate the online shopping market. Daraz, which is a subsidiary of China’s Alibaba, this year launched a pandemic iteration of its <a href="https://www.nepalitimes.com/here-now/daraz-finds-nepalis-still-shy-to-shop-online/" target="_blank" rel="noopener noreferrer">11.11 shopping festival</a> timed for Tihar, announcing heavy discounts on products with jacket advertising in all Kathmandu dailies and portals on Wednesday. For the third year in a row, 11.11 has taken urban middle class Nepal by storm. <figure><img width="640" height="360" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221109181116/636be0f09c7e80680e083e1ejpeg.jpg" alt=""><figcaption>Lino Ahlering, Managing Director of Daraz.</figcaption></figure>“For us, 11.11 is the biggest sale day in the world led by Alibaba and every November eleventh is a learning process," Lino Ahlering, Managing Director of <a href="https://www.nepalitimes.com/business/daraz-creating-change/" target="_blank" rel="noopener noreferrer">Daraz</a> told Nepali Times.Indeed, Daraz seems to have learnt from mishandling of 11.11 delivery in past years. “2018 was slow, 2019 was fast, 2020 will be much much faster,” Ahlering said. “We are learning from our past mistakes and to rectify them we have added 700 people only for delivery and 200 extra for customer services.” Because of early warning and experience about the Covid-19 pandemic from sister companies in China, Singapore and other South Asian markets, Daraz appears to have been better prepared to take advantage of the lockdown and pandemic. Another online shopping company that has seen unexpected growth during the past months is Sasto Deal, which recently partnered with India’s Flipkart. When Sasto Deal Started out in 2011, Nepal’s Internet penetration rate was only 9%, it has now grown to 60% and is rising rapidly. “The e-commerce potential for Nepal looks more promising than ever, and the Covid-19 crisis with the spread of the Internet has opened up new arenas, including outside Kathmandu Valley,” says Sasto Deal’s co-founder Amun Thapa.Daraz came after <a href="https://www.sastodeal.com/" target="_blank" rel="noopener noreferrer">Sasto Deal</a>  and with its aggressive promotion, took the online retail market by storm. After tying up with Alibaba, it has also benefited from the experience of the larger group with global discounting events like 11.11, which has become a household word and many Nepalis now look forward to the festival sale.Despite the Covid-19 crisis, <a href="http://archive.nepalitimes.com/article/Nepali-Times-Buzz/outdated-laws-limited-ecommerce-hold-back-tech-industry%20,3547" target="_blank" rel="noopener noreferrer">e-commerce</a> companies have pulled out all stops to gain trust from Nepal’s customers, traditionally wary of shopping online and restricted by micro-credit payment restrictions. Collaboration with international partners, India’s Flipkart for Sasto Deal, and China’s Alibaba for Daraz have helped with technology and promotion skills.“Nepal’s culture matches with India so much more, and it was a feasible idea to get in products from Flipkart,” explained Thapa. “Competition is always good and it makes the ecosystem healthy and professional, and competing with an Alibaba affiliate was a huge challenge and also a big learning experience.”Indeed, <a href="https://www.flipkart.com/" target="_blank" rel="noopener noreferrer">Flipkart</a> has the experience of competing with the global giant online store Amazon in India. Both Thapa and Ahlering believe that the Nepal online retail market is big enough for both of them, and has the potential for tremendous growth. If it wasn’t, they say, the international partners would not have joined in.Ahlering of Daraz said that in a developing market like Nepal, there are always challenges to make the whole e-commerce ecosystem much more professional. “Alibaba would have never invested if it did not see a potential here in Nepal. We are very bullish about the market, a lot of people get access to products and that is a win-win situation for the e-commerce market," he added.Sasto Deal recently also got a $1 million investment from the Dolma Impact Fund to help the company achieve a milestone target of Rs1 billion in annual revenue within the next 18 months.Watching the two giants of e-commerce is Yeshu Thakali from Infi Store, and he thinks the two were equipped with technical knowhow and experience of online retail to dive right into the market and seize the opportunity offered by the lockdown, just as his delivery startup did. However, the Covid-19 crisis has also presented new obstacles for e-commerce, the growth is not matched by government policies and laws which have not caught up with the age of online commerce.But if the government can get its act together, there is one important lesson from this year’s pandemic crisis and the festival season -- online shopping is here, not just to stay, but also grow dramatically in Nepal in the coming years.

Nepal e-shopping booms under Covid-19

<img width="3648" height="2736" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171148/636937019c7e80680e03fe0fjpeg.jpg" alt=""/>Sunil Nepal works in IT in Kathmandu and has been buying provisions and necessities online for three years. But tech savvy as he is, he did not buy anything online on 12.12 on Wednesday, Nepal’s second online shopping day after 11.11 last month when hundreds of heavily discounted products are on sale online.Nepal was not the only person who did not join in. There wasn’t the usual buzz on social media about 12.12 that there is in Pakistan, the country where Daraz originated -- or the publicity in China, the home base of Daraz’s new owner Alibaba Group. <img width="640" height="344" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171148/636937049c7e80680e03fe10jpeg.jpg" alt=""><img width="640" height="349" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171148/636937079c7e80680e03fe11jpeg.jpg" alt="">Managing Director Lino Ahlering of Daraz Nepal says the company has learnt from its lacklustre performance last month: “12.12 will not be as big as 11.11 but we have done a lot to improve our user experience so Nepali customers will not be shopping online only for one day in a year.”The first online shopping day in Nepal named ‘11.11 Sales Day’ on 11 November offered up to 80% discount on some items for customers in Nepal over a 24-hour period. However, even 12.12 did not really take off because of negative publicity in social media about lack of real discounts, and botched deliveries. <figure><img width="640" height="479" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171148/636937099c7e80680e03fe12jpeg.jpg" alt=""><figcaption> </figcaption></figure>Maybe the country is just not ready yet for e-commerce. It could be that without card payment and online transactions, cash on delivery alone is not enough to take cyber-shopping to a new level.Nepal said he and his friends were excited about the 11.11 sales day before it happened because they had seen Black Friday and Cyber Monday Sales in other countries. He had bought a cleaning gel on Daraz in October, and when Sales Day came, he checked the app again and found a similar product was sold for 76% discount.“That’s a really good deal, but when I clicked the product it was a different story,” said Nepal (pictured right) who bought the gel for Rs249 -- only to find out that the same item could be bought for Rs245 in a shopping mall. “That was just ridiculous, it looked like the campaign was misleading.”Nepal posted his experiences on the Twitter and got hundreds of responses, and the negative publicity made it to the mainstream media as well. In response, Daraz said Nepali buyers had the misconception that the company was a retailer. <figure><img width="250" height="263" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171148/6369370c9c7e80680e03fe13jpeg.jpg" alt=""><figcaption> </figcaption></figure>Said Managing Director Lino Ahlering: “Daraz is more like a marketplace connecting local sellers with local customers, we have a safety mechanism which does not allow any price increases before the campaign.”Despite the downbeat comments, Ahlering said the 11.11 campaign broke all records for Sale Day, its first since Daraz was bought by China’s e-commerce company, the Alibaba Group. The 11.11 event has been held in China for the last nine years, with more than $30 billion in sales this year on 11 November, which in China is marked as Singles’ Day – as opposed to Valentine’s Day for couples. Even though Nepalis were unaware of the concept of a Singles’ Day and 11.11, Daraz’s brand manager Salina Nakarmi said the portal sold 1,000 Poco phones in less than 30 minutes and almost 50,000 orders were received in 24 hours.  Daraz would not disclose daily sales figures, but Binod Krishna Shrestha of Kathmandu University said that the marketing site does not yet command enough of a brand loyalty yet because most people do not find online purchases trustworthy.  Sixit Bhatta, co-founder of the motorcycle ride-sharing app Tootle, says he is puzzled about why Daraz decided to replicate 11.11 in Nepal.“When you run any campaign, it needs to be culturally contextual. So the first thing I felt was that 11.11 and 12.12 didn’t connect with the Nepali public,” Bhatta (pictured right) said. <figure><img width="640" height="543" src="https://superdesk-pro-c.s3.amazonaws.com/sd-nepalitimes/20221107171148/6369370d9c7e80680e03fe14jpeg.jpg" alt=""><figcaption> </figcaption></figure>Ahlering is aware of the need to be culturally aligned with the market, but said young Nepali customers are catching on to online shopping. He says Daraz will work on educating buyers through social media, video tutorials and media outreach.He added: “I wouldn’t say everything is perfect now. I think we have a great foundation, but there is still a lot to do.”

Daraz finds Nepalis still shy to shop online

Born in Khandbari in eastern Nepal, Parashuram Pathak helped his family around the farm, sold what they grew in the market and lent a hand in the kitchen.&nbsp; After working as a chef in Dubai, San Francisco, Denmark, Australia, and on cruise ships, Pathak has now brought back what he has learnt to the Tusa Restaurant in Bhaktapur that opened on Nepali New Year on 13 April. Tusa uses fresh indigenous ingredients from various parts of Nepal, and fuses them with international methods to produce unique dishes. Pathak is a global Nepali, and is introducing global Nepali cuisine to his homeland. Pathak left an executive chef job to intern at three-Michelin-starred Noma in Denmark, named the best restaurant in the world five times. Noma runs on a philosophy of foraging to rediscover wild local ingredients, and Tusa’s mission is similarly noble: preparing dishes with Nepali ingredients using modern techniques and equipment. “We are taking Nepali food beyond dal-bhat and momo, we are taking it international,” Pathak said on the phone from Sydney. Read also: <a href="https://nepalitimes.com/here-now/nepali-baker-rises-to-the-top-in-denmark">Denmark’s best baker is a Nepali</a>, Vishad Onta  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240419180424_1312bc016cbb2fe59c6d4a78d1f8b463af4a10b3f79559a2405fd54ea5b3197a.jpg" data-media-id="editor_1" data-image-id="20240419180424_1312bc016cbb2fe59c6d4a78d1f8b463af4a10b3f79559a2405fd54ea5b3197a" data-rendition-name="original" width="801" height="802" loading="lazy" alt="The return of the natives Page 12 NT #1208"> <figcaption>Photo: PARASHURAM PATHAK/FACEBOOK</figcaption> </figure>  Pathak’s team in Nepal includes chefs Rupesh Bohara and Sagar Shrestha who have also worked extensively in Dubai and Australia, and share his vision. The three realised they shared the same dream, and over the past five years have travelled across Nepal to research their menu, collecting ingredients and ideas from homestays, food carts, and nature. The team then scouted for Nepal’s best architect, and zeroed in on Bhaktapur-based heritage conservationist Rabindra Puri who designed the Malla-era house for Tusa in the Nag Pokhari neighbourhood. Bohara and Shrestha have moved back to Nepal for good, and Pathak arrives in September. “I made dishes from all over the world, but when someone asked what Nepali food was like, I had no answer,” says Bohara, “I came back to find out.” &nbsp;“You can get citizenship, a green card, big houses and cars, but where is the self-satisfaction?” asks Shrestha, who has a red-and-blue chef’s knife with the sun and moon of the Nepali flag tattooed on his right forearm.&nbsp; Read also:<a href="https://nepalitimes.com/diaspora-diaries/the-return-of-a-master-baker"> The return of a master baker</a>, Raju Pakhrin  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240419180424_c601264463e5a28d4e71a46781f340a53619a08d00949a7aaebfef84e75a319d.jpg" data-media-id="editor_3" data-image-id="20240419180424_c601264463e5a28d4e71a46781f340a53619a08d00949a7aaebfef84e75a319d" data-rendition-name="original" width="6000" height="4000" loading="lazy" alt="The return of the natives Page 12 NT #1208"> <figcaption>Photos: TUSA</figcaption> </figure>  Bohara and Shrestha passionately recount stories of their trips across Nepal, speaking of generous lodge owners who introduced them to local ingredients. Tusa can seat 28, and dining here is a sensory experience with a live kitchen. The chefs cook and place dishes on a large granite countertop with induction sections built in. Behind the counter is a grill on an indoor fire with pulley control to adjust the fire. Everything that can be made in Nepal — chairs and tables, ceramic dishes, the grill — is locally sourced. The executive kitchen/laboratory is downstairs. It is spacious, spotless, and contains appliances rarely seen in restaurants here: a sous vide machine that cooks vacuum-sealed packets at consistent temperatures, and a dehydrator for sisnu nettles. A fresh batch of deep purple kimbu (mulberry) muffins has just come out of the oven. Fridges have dry-aged fish and marigold kombucha. Fermentation seems to be the theme at Tusa, and Pathak explained: “Fermentation takes away the natural sugars in food, leaving behind a true, umami taste.”&nbsp; Read also: <a href="https://nepalitimes.com/here-now/vikings-khukri-passion">Viking's khukri passion</a>, Alisha Sijapati  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240419180424_c59e2b4230864f646bc36108adb951e95ec85da6156740294b1ec715b86acf89.jpg" data-media-id="editor_5" data-image-id="20240419180424_c59e2b4230864f646bc36108adb951e95ec85da6156740294b1ec715b86acf89" data-rendition-name="original" width="5895" height="3930" loading="lazy" alt="The return of the natives Page 12 NT #1208"> </figure>  Tusa itself means ‘shoot’ in Nepali, and can be a dish of fermented bamboo shoots. The restaurant serves a tasting menu with six courses, plus surprises. It starts with a fermented potato and millet roti with charred green garlic and tomato chutney. The bread tastes like a mix of alu paratha and kodoko roti with a satisfying, mild flavour. The chefs do not show off, and overdo it. Dishes are tastefully simple and faithful, a theme that runs through the meal. The second course is a filet of fish charred on one side and placed in a broth. It is delicate and smokey, and does not mask the character of the fish.&nbsp; The next is Batuk Chukauni, a Magar dish with a lentil snack and a yoghurt-based potato achar. The batuk, made of lentil batter, is light and the chukauni has potatoes and peas. Read also: <a href="https://nepalitimes.com/here-now/money-is-not-everything-but-you-need-money-for-everything">"Money is not everything, but you need money for everything"</a>, Rohit Shrestha  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240419180424_e3f51228ff792e8d4297f81f8e67d138584e922ae035d131977494219e5e85c5.jpg" data-media-id="editor_7" data-image-id="20240419180424_e3f51228ff792e8d4297f81f8e67d138584e922ae035d131977494219e5e85c5" data-rendition-name="original" width="1333" height="1000" loading="lazy" alt="The return of the natives Page 12 NT #1208"> <figcaption>Batuk Chukauni. Photo: VISHAD ONTA</figcaption> </figure>  Next is a skewer of jackfruit with a tamarind and mustard glaze that has the texture of a slice of sausage and melts in the mouth. Then comes the first off-menu item: a steak of watermelon, glazed and grilled, tasting sweet, sour and smokey. After that a palate cleanser sorbet made with laligurans syrup adorned with a frozen candied rhododendron petal. Finally the main course: barbeque chicken and chyakla coarse corn grits. The chicken has been brined, marinated, cooked sous-vide and seared on the grill. The delicate consistency of the chicken stands out. Desert is a smooth, creamy cheesecake that uses the local juju-dhau yoghurt. And the last course is a moist, moss-green sisnu cake laced with mulberry jam and cream.&nbsp; There is nothing gimmicky about Tusa. It is the coming together of skilled Nepalis with international exposure who have mixed what they have learnt abroad with the flavours of home.&nbsp; The tasting menu is Rs3,500, and it may take some time before Nepalis develop a predilection for some of its items. The chefs are excited, vindicated, and relieved. Coming back to Nepal, uprooting successful careers abroad to take a chance on Nepal must not have been easy.&nbsp; Tusa had a soft launch on New Year’s day with Kathmandu-based diplomats. Australian Ambassador Felicity Volk was one of them, and wrote on a Facebook post: ‘Chefs who honed their skills in Australia and returned to Nepal to give back. We call it fine dining, they call it #cominghome.’ Read also: <a href="https://nepalitimes.com/multimedia/the-baker-of-barpak">The baker of Barpak</a>, Tara Aryal Pandey

The return of the natives

For a year or two after the 25 April 2015 earthquake, the residents of Kathmandu were too terrified to return to their high-rise apartments. None of them collapsed in the 7.8 disaster, but many sustained serious structural damage. &nbsp;
Fast forward nine years, and they have all but forgotten that frightful day. Kathmandu is back to building substandard structures, even as land prices drive developers to build taller.&nbsp;
With no more space to spread horizontally, Kathmandu is going vertical. But structural engineers say most of the high rises do not take into account seismicity, soil condition, construction methods, quality of raw materials, fire hazard, and search and rescue in collapsed concrete structures.
“Much of our focus since the 2015 earthquake has been on building and construction, but not as much on where we are building,” warns Sangeeta Singh, Professor of Urban Planning and Deputy Director of Centre for Disaster Studies at the Institute of Engineering.
Read also: <a href="https://nepalitimes.com/banner/in-a-disastrous-state">In a disastrous state</a>, Sonia Awale
She adds: “Kathmandu is not really suited for high-rises. We have to first test the condition of the soil, but building permits are being issued without this fundamental step.”
Kathmandu Valley is a former lakebed with soft topsoil prone to liquefaction and excessive shaking, as seen during the 1934 megaquake. Many ruptures tore up the surface in 2015. &nbsp;
During an earthquake, the rock layers below Kathmandu ring like a bell and the vibrations on the surface take between 0.5 to 2 seconds for one oscillation. Buildings also vibrate, but at different frequencies depending on their height, construction material, and arrangement of their structural components.
At five floors, the vibration period of a building is 0.5 seconds, which is the same as that for Kathmandu Valley, and this could cause more damage, says structural engineer Surya Narayan Shrestha at the National Society for Earthquake Technology - Nepal (NSET).
“Building anything that is five storeys or higher in Kathmandu needs special design and structural considerations,” says Shrestha.
Read also: <a href="https://nepalitimes.com/editorial/shaking-things-up">Shaking things up</a>, Editorial
Technologies exist to reduce seismic risk in high-rises, and these are used in earthquake-prone cities like Tokyo, Los Angeles, Jakarta or Mexico City.&nbsp;
Base isolation, for example, separates the vibration of the land and the building, reducing damage from soil-building resonance. Base isolators move and stretch under pressure, absorbing much of an earthquake's impact by reducing swaying and shaking. &nbsp;
Seismic dampers change the pattern of vibration altogether, dissipating energy as vibrations move across a structure. But these are all expensive technologies, and none of the high-rises in Kathmandu use them.
However, Nepali engineers who can help with technology transfer are working in the field in Nepal and overseas. Kathmandu’s high-rises are already very expensive, and making them seismic-resistant would be an incremental cost.
Read also: <a href="https://nepalitimes.com/opinion/comment/learning-from-jajarkot-what-we-didnt-after-2015-695vpzle">Learning from Jajarkot what we didn't after 2015</a>, Sushil Gyewali
The shape of high-rises also matters. Reinforced concrete buildings with asymmetric designs of the kind that are seen in newer structures in Kathmandu experience more torsion and shear during quakes. High-rises with regular geometry are stronger. &nbsp;&nbsp;
An even bigger concern is that of emergency evacuation and rescue in case of fire or earthquake. Kathmandu fire services do not have ladders that reach the higher floors of most new structures.
“High-rises mean more people and potentially higher casualties,” explains Shrestha. “We need immediate evacuation routes, fire escapes, emergency ladders, and fire trucks that can reach higher. Right now, safety features are voluntary and not mandatory.”
The street access, shelters, open spaces, and evacuation routes are integral to disaster preparedness and the safety of neighbourhoods and not just buildings. Most new high-rises in Kathmandu have narrow access roads.
Read also: <a href="https://nepalitimes.com/opinion/rebuilding-resilience-7-years-later">Rebuilding resilience 7 years later</a>, Anil Pokhrel
Since most of the buildings that survived the 2015 disaster were reinforced concrete structures, it fed the misconception that they are safer. But Himalayan seismologists say that if the intensity and duration of the shaking had been just a little higher, many substandard concrete structures would have collapsed.&nbsp;
And that is the final gap: Nepal’s limited expertise and equipment for search and rescue inside collapsed concrete structures. Kathmandu’s high-rises need to be better prepared for the next Big One.
“Structural safety and design were at the front and the centre after the 2015 earthquake, we also revised some building codes but we are back to square one with contractor-driven construction, especially in peri-urban areas,” says Sangeeta Singh, who is also with the National Planning Commission. “We need to monitor construction as much as design.”&nbsp;
Shrestha at NSET agrees there have been improvements in building practices in the past nine years, but adds, “We have both learnt and unlearnt lessons from 2015. The awareness hasn’t yet translated into action on safety.”
Read also: <a href="https://nepalitimes.com/here-now/lessons-not-learned-from-2015-o2etq6zu">Lessons not learned from 2015</a>, Sonia Awale

The rise of high-rises

Midway along the stretch of the ancient trade route between Tibet and India lies the Kel Tol neighbourhood. The name is derived from the original Koligrām, and it is believed the Koli people, who were originally from Rāmagrām in present-day southern Nepal near the Indian border, settled here. The Koli were the maternal ancestors of none other than the Buddha. Kel Tol is famous for the Buddhist monastic complex of Kanak Chaitya Mahāvihar, featuring the majestic two-tiered gilded temple of the white god Karunāmaya.&nbsp; This elaborately decorated courtyard is a bustling centre of the Vajrayāna sect of Buddhism, practised widely by the indigenous Newā people of Kathmandu Valley. Karunāmaya, also known as Ārya Avalokiteshwor, is defined in great detail in the 1st century CE Buddhist text Sadharmapundarikā where he liberates all sentient beings from suffering. He helps rid the eight external fears metaphorically equated with their equivalent internal states of mind: lions (pride), wild elephants (ignorance), fire (anger), snakes (jealousy), floods (attachment), imprisonment (miserliness), thieves (wrong views) and cannibals (doubt).  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240418130432_fe370cbee75003cd3eb5dccc7c3b2671630da193b0744db2aeac1bab3ff4a85c.jpg" data-media-id="editor_0" data-image-id="20240418130432_fe370cbee75003cd3eb5dccc7c3b2671630da193b0744db2aeac1bab3ff4a85c" data-rendition-name="original" width="1338" height="2000" loading="lazy" alt="Seto Machhindranath"> </figure>  In the Pancha Rakshyā Sutra, a Buddhist scripture from 200 CE, Ārya Avalokiteshwor was counted among the eight major deities. Followers of the Brāhminical god Shiva worship Ārya Avalokiteshwor as Seto Machhindranāth. For Shaivites, Machhindranāth is the Indian saint who founded the Nāth cult in the 10th century CE. He is the guru of saint Gorakhnāth. During the reign of Yakshya Malla (1428–1482 CE), a beautiful image of Ārya Avalokiteshwor was dug up by a farmer in present-day Jamal, which was then a cultivated area outside the city. The farmer, known as a Jamami (meaning the one from Jamal) took the image home for safekeeping. That night, Ārya Avalokiteshwor appeared in the farmer’s dream and told him that the proper place for him to reside is at the confluence of two rivers. The nearest confluence was at present-day Wongha (Indrachok) and the image was installed in the Kanak Chaitya Mahāvihar complex in Kel Tol near Wongha. This made it easier for city residents to pay homage to Ārya Avalokiteshwor and spread compassion. Soon, the deity came to be revered highly as Jamaleshwor, the one found in Jamal. Eventually, the name got corrupted, as happens often in Nepāl Bhāsā, to Janabahā Dyo. The courtyard where his temple is located is now popularly known as Janabahā.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240418130432_5c9b219530e400445ef4e7f64856b43e7cdb756be26d9ed4565c84044c178a7e.jpg" data-media-id="editor_1" data-image-id="20240418130432_5c9b219530e400445ef4e7f64856b43e7cdb756be26d9ed4565c84044c178a7e" data-rendition-name="original" width="2500" height="1668" loading="lazy" alt="Seto Machhindranath"> </figure>  The gilded temple of Janabahā Dyo, first built in the early 16th century CE, is adorned with wooden and metal artefacts that symbolise 108 forms of Ārya Avalokiteshwor. It stands out as the most decorated temple of its kind in Kathmandu. Today, Janabahā is a living heritage site where many ancient customs and rituals are widely practised as per Vajrayāna Buddhist tradition. Devotees throng the Janabahā Dyo shrine for daily worship and to receive Karunāmaya’s blessings. Being the compassionate one, Ārya Avalokiteshwor goes around town every year in his tall wooden chariot to allow sick and physically disabled devotees to pay homage to him from the comfort of their homes. One could say it is a door-to-door visit by the Compassionate One.&nbsp; For the pragmatic minded, the chariot festival is an annual renewal of communal harmony, validation of our ancient mathematical supremacy and demonstration of the need to keep practical skills alive, including the craft of building earthquake resilient houses.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240418130432_fc8b234ceca87dee4b99e897a485cef121fb953857fb61492a413fbfcc48360c.jpg" data-media-id="editor_2" data-image-id="20240418130432_fc8b234ceca87dee4b99e897a485cef121fb953857fb61492a413fbfcc48360c" data-rendition-name="original" width="2500" height="1667" loading="lazy" alt="Seto Machhindranath"> </figure>  The Janabahā Dyo chariot is pulled from Jamal, where his image was found by the farmer, through the historic heart of Kathmandu in a gala parade every year. The procession, accompanied by folk music ensembles and revellers, starts on the eighth day of the bright half of the month of Chaitra, and lasts up to a week (ending on Saturday this year). Hundreds of devotees pull the chariot along the streets as a way of expressing their gratitude to lord Karunāmaya for blessing them with compassion and well-being. Purna Ratna Vajrāchārya is an ordained priest who belongs to the clan responsible for taking care of Janabahā Dyo. He has been studying the design and architecture of the chariot for the past 40 years, and overseeing its construction for the past 15. He has learnt that the engineering principles of building the chariot are based on the mathematical system in which Buddhism is taught. For example, 365 pieces of wood are used in the chariot, each representing a day of the year. Each of the four wheels consist of 25 pieces of wood, totalling 100, representing completeness or fulfilment. The chariot is vertically divided into 13 sections, a parallel to the Buddhist concept of Trayodashi Bhuvana that describes the 13 steps that one must take to achieve the state of Nirvana.&nbsp;  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240418130432_36d9964c9845f6d9a074786361fc5ab7d49138503ad162086998b731349b0ec0.jpg" data-media-id="editor_3" data-image-id="20240418130432_36d9964c9845f6d9a074786361fc5ab7d49138503ad162086998b731349b0ec0" data-rendition-name="original" width="2500" height="1668" loading="lazy" alt="Seto Machhindranath"> </figure>   <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240418130432_2662753a9514a682ccdfd17bf05e2be3771183a68dc86b717ab67d9aad894563.jpg" data-media-id="editor_4" data-image-id="20240418130432_2662753a9514a682ccdfd17bf05e2be3771183a68dc86b717ab67d9aad894563" data-rendition-name="original" width="1668" height="2500" loading="lazy" alt="Seto Machhindranath"> </figure>  &nbsp;Exactly nine types of wood are used, which is the sum of the four base elements that make up the universe (earth, water, fire and air) and the five human senses. The height and length of the chariot is 32 arm’s length (hāt in Sanskrit), 14.8m. The number 32 represents the maximum number of auspicious and physical qualities one could possess to be considered an outstanding human being.&nbsp; Says Vajrācharya, “Observing how the chariot is built helps one learn the fundamental pillars of the Buddha’s teachings, and find an easier path to Nirvana.” The structural design of the nearly 15m wooden chariot is not only awe-inspiring but also gravity-defying. It leverages the pliancy of the materials used in its construction -- flexible joints tied with cane soaked in water for several days. The precise proportions of the chariot ensure great manoeuverability in the narrow streets along the route of the chariot procession that include some 90° bends, without colliding into houses.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240418130432_9f5c2943f5d6b3f0010d3d5213697549945e87a6f7d3d8cbadd69f0dea6c6e2c.jpg" data-media-id="editor_5" data-image-id="20240418130432_9f5c2943f5d6b3f0010d3d5213697549945e87a6f7d3d8cbadd69f0dea6c6e2c" data-rendition-name="original" width="2500" height="3750" loading="lazy" alt="Seto Machhindranath"> </figure>  Driving and steering the chariot with brute muscle power of the mirthful crowd is a seemingly impossible task. But this has been achieved year after year, despite the fact that the devotees who tug wildly at the ropes lassoed to the two front wheels, are most likely in high-spirits (pun intended). Sanjay Manandhar, a US-based technology entrepreneur, recounts how his high school physics teacher from Canada asked his students to go observe the locals build the chariots of Karunāmaya if they were interested in becoming engineers in the future.&nbsp; “That made no sense to me then, but, after all these decades, I now see clearly how the structural design of the chariot, adopted early on by our ancestors is full of earthquake-resilient properties that need to be applied in building houses in an earthquake-prone zone like Nepal,” says Manandhar. A highlight of the chariot festival is that human goddess Kumari makes an appearance at the final destination in Lagan, usually on the third day. This is only one of the 13 times that people get to see the Kumari outside her temple abode.  <figure> <img src="https://publisher-publish.s3.eu-central-1.amazonaws.com/pb-nepalitimes/swp/asv65r/media/20240418130432_08aa39f3f004a212b33c60a2840d6013110de15dd34a0288f699dd5fda8957ab.jpg" data-media-id="editor_6" data-image-id="20240418130432_08aa39f3f004a212b33c60a2840d6013110de15dd34a0288f699dd5fda8957ab" data-rendition-name="original" width="2500" height="1667" loading="lazy" alt="Seto Machhindranath"> </figure>  On the last day of the festival (Saturday), the image of lord Karunāmaya is carried on a palanquin by priests from Janabahā in a gala procession and brought back to his permanent residence at the temple in Kel Tol.&nbsp; The chariot festival is thought to have started during the reign of King Pratap Malla of Kantipur in the 17th century CE. For close to four centuries, the construction of the chariot and its operation has proven to be a phenomenal engineering feat, and the people’s faith in divinity means the tradition is alive.&nbsp; The essence of the colourful rituals and the religious beliefs of this ancient chariot festival is now all but lost. The logic, technology and practicality must be brought back to light, as they reflect the high civilisation and wisdom of our ancestors that we can leverage in modern times and into the future. &nbsp; Alok Tuladhar is a culture and heritage documentarian.

Kathmandu’s gravity-defying chariot festival

In the run-up to the third Nepal Investment Summit this weekend, there have been seminars, conferences and workshops where the discourse has revolved around the economy and the investment climate.
The consensus that Nepal needs foreign direct investments (FDI) to grow was repeated, and the familiar litany of reasons about why it has not been able to was discussed.&nbsp;
Policy advocates and regulators have understood that the lack of urgency is compounded by procedural inconsistencies, on top of the already deficient investment environment in the country.
It is a welcome change from what used to be flippantly accepting matters as given. There now seems to be a sense of urgency, with procedural inconsistencies and lack of harmonisation between various Acts and regulations openly discussed.&nbsp;
Government stakeholders also appear more willing to learn and attempt to be part of the solution. Whatever policy changes have been introduced in the past have been piecemeal and address the few rather than the entire industry. This left dual regulatory approaches aimed at similar players.&nbsp;
Read also: <a href="https://nepalitimes.com/opinion/killing-investment-in-nepal-in-10-easy-steps">Killing investment in Nepal in 10 easy steps</a>, Dibesh Karmacharya
This time, unlike in the past two Summits, the government seems to be committed to amending 9 Acts, a positive step towards showing commitment to change. However, the deadline to do so during the winter session of Parliament is over. The option mooted has been to have it passed through ordinance, a lesser appealing step; albeit, a positive one moving forward.&nbsp;
To attract FDI in a competitive global market means that Nepal has to demonstrate that it is serious about bringing in investments with a more consultative and collaborative approach with investors. A departure from procedural to a result-oriented focus is needed.&nbsp;
To put issues in perspective, Nepal needs US$20 billion in investments to meet the UN’s Sustainable Development Goals (SDG) targets by 2030. If net-zero decarbonisation targets are to be met by 2045, another US$7 billion will be required annually.&nbsp;
Looking at our investment history and poor government capital expenditure, the gap is long and wide. In fiscal year 2022-23 Nepal booked a lamentable ~$59 million in FDI (equity). Nepal is in fact the lowest market in South Asia for FDI with 0.3% of the regional average.&nbsp;
What is it that we can do to fill the gap?&nbsp;
First, we need to move away from the notion that Nepal only needs large investments. This has proven to be a mistake, and time series data have proven that smaller investments, in aggregate, make a larger impact on economies.&nbsp;
Read also: <a href="https://nepalitimes.com/news/poor-cash-rich-nepal">Poor cash-rich Nepal</a>, Sonia Awale
We talk about an ‘enabling environment’ but without the right tools. We place restrictions on interest on debt ceiling (SOFR +5.5), without risk premium adjustments, we do not have an active secondary market for bond trading, nor do we have a yield curve, an integral part of the bond market, which is inhibiting us from tapping into the trillion dollar green bond market.&nbsp;
In order to attract green financing, Nepal needs to develop its bond market. Sovereign risk rating has been mooted and was expected to be operationalised before the Investment Summit.&nbsp;
However, to be rated in an adverse economic environment could further deteriorate investment potential due to a lesser-than-expected rating.&nbsp;
Hedging is another instrument that needs further research on. A commercial bank last year showcased the first risk-hedging mechanism for an investment of $8 million. This can be the beginning to expand on its modality. &nbsp;
Subordinated debt instruments have been introduced, but on a special nod basis, this now needs to be institutionalised as it is the most applicable form of investment after equity in a market that has volatile forex reserves.&nbsp;
Read also: <a href="https://nepalitimes.com/editorial/invest-in-investment">Invest in investment</a>, Nepali Times
Viability Gap Funding has been introduced by multilateral development agencies implemented in solar installations. It is a tool to incentivise the private sector to invest in projects that are not financially lucrative initially, but have potential for profitability in the long run. This needs to be scaled up and replicated in sectors like infrastructure, where returns may not be immediate.
Moving forward, to attract FDI, Nepal needs to tap into the funds that are available for the growth of small and medium enterprises (SMEs) and climate change. Alternative investments such as Private Equity Venture Capital (PEVC) have been around in a structured manner in Nepal for nearly a decade now.
These funds have blended finance components and have attracted climate funding as well. PEVC is a new asset class and can address the issues of penetrating into SME financing by incorporating environment, social and governance issues into their investment process.&nbsp;
SMEs are the backbone of any economy, PEVC comes with the ability not only to scale up the enterprise with risk capital, but with the ability to bring technical knowhow to enhance not only the enterprise but also the entrepreneur.&nbsp;
Read also: <a href="https://nepalitimes.com/opinion/success-in-nepal-means-not-having-to-work">Success in Nepal means not having to work</a>, Anil Chitrakar
A differentiator from all other forms of financing available till date in Nepal. Blended finance is a way of de-risking investments, especially in frontier markets. Business Oxygen (BO2) is an example of blended finance with subordinated debt investments of IFC (World Bank Group) taking the lead and Climate Investment Funds along with FCDO as co-investors.&nbsp;
On a larger scale, the 216MW Upper Trisuli 1 is another example of blended finance with IFC, a Korean consortium and local investments. So far, we see that development finance Institutions have been taking the lead in Nepal as their risk appetite is greater than commercial investors and they are eager to help develop the financial markets.&nbsp;
In order to be sustainable, we need to step on this and attract commercial capital from all over the world. To do this there has to be political will to make that pivot.&nbsp;
Instead of being a means to an end, the two previous Investment Summits turned out to be intermittent and cosmetic, providing hardly any results. The third one’s success will depend on how the event will be implemented as a platform for continuous marketing for the country and facilitation for investors in future.&nbsp;
Nepal has outdone many countries in its macro-economic indicators, with sound forex reserves and a stellar history of debt payments to its creditors. This story needs to be propagated along with the drive for change to attract potential investors.
Read also: <a href="https://nepalitimes.com/opinion/comment/alternative-investments-to-attract-fdi">Alternative investments to attract FDI</a>, Siddhant Raj Pandey

daraz