Legal Market Overview
Nepal has made major strides in recent years in reducing its levels of poverty, illiteracy and gender disparity. Agriculture remains the largest sector in the economy whereas sectors such as technology and hydroelectricity present huge potential for the country.
Nepal has vast water resources and currently hydroelectric accounts for 90% of the electricity in the country. It also has the potential to supply neighboring areas in India and Bangladesh and as a renewable energy source, its demand is likely to only increase in the future.
The country’s growing IT sector is primarily driven by its cheap labour costs, where international companies have chosen to outsource some of their services. International IT companies such as Leapfrog Technology and Braindigit have chosen this opportunity.
Nepal has historically been very reliant on India for trade but has also seen major progress in building relationships with China. Nepal is part of China’s One Belt One Road Initiative,which seeks to develop transport infrastructure in landlocked Asian countries to improve trade transportation routes. Nepal’s location between India and China means that the country could become a transport hub for trade between both of these major economies.
The legal market contains domestic firms, with a number of generalist firms focusing primarily on assisting international firms. The dominant players in Nepal are <Neupane Law Associates, Pradhan & Associates, Sinha Verma Law Concern, Imperial Law Associates, Pioneer Law Associates, and Reliance Law Firm<.