More and More Entrepreneurs Quitting Business for Foreign Employment

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More and More Entrepreneurs Quitting Business for Foreign Employment

Industrialists and business persons in Chitwan district are found quitting their businesses and leaving for foreign employment due to the economic slump brought by COVID-19. More and more entrepreneurs are leaving the country for foreign countries after their efforts to revitalize their COVID-dented businesses failed to pay off. 

The entrepreneurs are finding it hard to pay their staff and rent for the building or land. The number of entrepreneurs leaving the country for overseas has increased in the district in recent months. Upon observation, one can see that many outlets and shutters in the main trading hub Narayangadh and surrounding markets are either shut or have put up 'On Sale' notice.

Chitwan Chamber of Commerce and Industry President Chun Narayan Shrestha said several businesspersons have closed their businesses and gone abroad on business visa. Similarly, 12 industrialists and business persons have formally applied for closing their businesses, he added.

According to him, although this problem is comparatively less in the main market areas, it is severe in new and expanding trade hubs. He said the entrepreneurs and traders are leaving their businesses due to the 'tight' monetary policy. Shrestha further added, "The big industries and businesses are running for the 'sake of their existence' whereas the smaller businesses have been hit hard and are in vulnerable situation." 

Even those enterprises that are somehow keeping their businesses afloat have been cutting down on their production and employees. The Chamber of Commerce and Industry, Chitwan, said the enterprises that are in operation have also reduced their production. They are producing only around 40 per cent of their total of production capacity.

It is said that among the 4,000 registered members the Chitwan Chamber of Commerce and Industry that are in operation, most are running in financially weak condition. The automobile sector, poultry sector, manufacturing industries, food industries, construction enterprises, among others, are affected the most by the economic downturn exacerbated by the COVID-19 pandemic. 

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