The Institute of Chartered Accountants of Nepal (ICAN) has introduced the Global Accounting Initiative (GAIN) project in Nepal, the Rising Nepal has reported.

The project is designed to expand employment and income by promoting the export of accounting and audit-related services and by strengthening Nepal’s ability to compete in international markets.

According to the report, the initiative aims to create 50,000 jobs each year across the next five years, with a longer-term target of 150,000 over the next ten years.

GAIN also includes a target of around NRs80bn ($555m) per year from service exports during the period.

Planned activities focus on developing the regulatory and institutional arrangements needed for accounting outsourcing, building secure digital infrastructure, training workers to meet international standards and maintaining service quality.

The initiative also includes steps to encourage innovation and entrepreneurship, including the establishment of outsourcing hubs, digital platforms and incubation centres.

For market development, the plan includes digital outreach programmes aimed at potential markets such as the UK, Australia, the EU and the US. The ICAN also plans to prepare publicity materials and work with Nepalis living abroad to help broaden access to opportunities.

Additionally, the ICAN expects the move to support implementation of various measures including tax exemptions, clearer VAT provisions, simplified foreign exchange processes and stronger data protection laws.

The reforms will also support Nepali companies seeking to open branches abroad, and faster acceptance of foreign investment.

ICAN president Nil Bahadur Saru Magar said the GAIN project will be carried forward as a continuing programme, starting from the next fiscal year.

He added that Nepal has significant scope to compete internationally, particularly in light of the strong participation seen from countries such as India, Bangladesh, Vietnam and the Philippines.