KATHMANDU, May 7: The Federation of Women Entrepreneurs Associations of Nepal (FWEAN) has urged the government to prioritize women entrepreneurs in the upcoming budget for the fiscal year 2024/25. Finance Minister Barsha Mann Pan hosted a program at her ministry on Monday to collect suggestions for the upcoming budget from women entrepreneurs.
During the program, Finance Minister Pan held discussions with FWEAN executives. FWEAN Chairman Shobha Gyawali, along with other women entrepreneurs, proposed proposals to promote women-led enterprises in the next budget. FWEAN made 14 recommendations to Finance Minister Pan.
FWEAN President Gyawali called for the budget to support women-owned businesses with concessional loans, allocate funds for the establishment of industrial villages and hold business fairs for women entrepreneurs in all districts.
FWEAN also recommended establishing women’s entrepreneurship promotion centers at the local level and promoting women’s entrepreneurship through various programs. Additionally, the umbrella organization of women entrepreneurs in the country has proposed making it mandatory for public institutions to procure up to Rs 2 million worth of domestic products produced by women-run enterprises through all channels.
In response, Finance Minister Pan said that the country’s economy cannot grow unless women’s economic status improves. She said she was considering special provisions for women entrepreneurs in the next budget and asked for suggestions on how to help more women become entrepreneurs.
Finance Minister Pan said, “Improving the economic situation of women will encourage quality education for our daughters. With quality education, our daughters will be able to become independent.” Minister Pang emphasized that while women’s participation in politics is commendable, their role in business should also be encouraged.
Minister Pan also pointed out that 27% of women currently own real estate due to a policy that waives registration fees if the property is registered in a woman’s name. “Twenty-seven percent of women own property, which enables them to obtain bank loans to start their own businesses.With parents now sharing property rights, both sons and daughters have the right to receive an education. The idea that this is the case is gaining momentum.”
“This is a positive change due to policy reform on property rights. Traditionally, men have been able to start a business by mortgaging their property, but women with fewer assets have limited loan options. ” Finmin Pun said. ”
Pan suggested that experienced female entrepreneurs mentor newcomers in business. She further added that when wealth goes into women’s hands, their confidence also increases.
