Kathmandu: Nearly five years ago, during the COVID-19 pandemic, Nepal’s private sector was one of the hardest-hit. From small and medium enterprises to big business houses, many collapsed. Some businesses closed forever, and many entrepreneurs left the country. Still, many made a strong comeback, bringing in new investments and businesses.
But the Gen-Z protests on September 8–9 (23–24 Bhadra) have once again caused massive destruction to Nepal’s economy. On September 9, protesters vandalized and set fire to hotels, shopping centers, and business complexes across the country. The initial damage is estimated at over Rs 250 billion.
One of the biggest losses is the Hilton Hotel in Kathmandu, built with an investment of Rs 8.5 billion by the Shanker Group. The hotel was set on fire and completely destroyed.
The private residence of businessman Upendra Mahato was looted and vandalized. In Baneshwor Heights, Golyan Tower, owned by businessman Pawan Golyan, was also attacked and set on fire.
The country’s largest retail chain, Bhat-Bhateni Supermarket, was looted and set on fire. According to the company, 12 of its outlets were completely destroyed, putting thousands of jobs at risk. Losses are expected to run into billions.
Business tycoon and lawmaker Binod Chaudhary also suffered major losses. The CG Electronics Digital Park in Satungal, Kathmandu, where products of CG, LG, and other brands were being manufactured, was completely destroyed. His automobile showrooms in Thapathali and Ravi Bhawan, including those of Tata, Suzuki, and Hyundai, were also set on fire.
The head office of telecom company Ncell in Lainchaur, built with billions in investment, was attacked and vandalized.
Former FNCCI president Shekhar Golchha’s house in Sitapaila was also attacked. Likewise, businesses linked to FNCCI president Chandra Dhakal, including Chandragiri Cable Car and Maulakali Cable Car, suffered damage.
In Pokhara, the residence of former NADA Automobiles Association president Dhruva Thapa was burned down, and his automobile showroom was vandalized and torched.
Other commercial complexes such as Central Business Park in Thapathali and Kantipur Complex in Tinkune were also attacked, with losses running into billions.
Economist Dr. Jitendra Upadhyay says the protests have pushed Nepal’s economy back by a decade. “The economy was slow but showing signs of recovery. These attacks have crushed the private sector again. It doesn’t mean businesses can’t rise, but recovery will take time,” he said. He added that attacks on industries built with foreign investment send a message that Nepal is unsafe for investors.
Two dozen hotels suffer Rs 25 billion in damages
The Hotel Association of Nepal (HAN) estimates that two dozen hotels across the country faced damages worth Rs 25 billion. About 2,000 workers and staff have been directly affected just before the festive season. Hotels in Kathmandu, Pokhara, Butwal, Bhairahawa, Jhapa, Morang, Biratnagar, Dhangadhi, Mahottari, and Dang suffered heavy losses due to arson, looting, and vandalism.
Hope for recovery remains
Despite heavy losses, business leaders say the private sector will rise again.
Bhat-Bhateni founder Min Bahadur Gurung said through social media that although his stores were destroyed, he has not lost hope. “We went through a tragic moment, but we still have hope. Thousands of helping hands are supporting us to stand again. With everyone’s support, Bhat-Bhateni will rise,” the statement read.
Former FNCCI president Shekhar Golchha also said he and his family were affected, but they are not discouraged. He pledged to continue investing and creating jobs in Nepal.
Automobile entrepreneur Dhruva Thapa also expressed confidence that despite his house and showroom being destroyed, he will rebuild stronger than before. He said attacks that destroy entrepreneurship will never benefit the country.
