“Social business guided by the principle of positive social change can transform the Nepali society,” said President of Chaudhary Group and Chairman of Chaudhary Foundation Binod K. Chaudhary.

'The relevance of social business is very high in the context of Nepal. It can be immensely effective to bring economic and social changes in the country,' Chaudhary stated, speaking at a ceremony organized by the Chaudhary Foundation in Kathmandu on Tuesday to celebrate the Seventh World Social Business Day,” Chaudhary said.

Also speaking on the occasion, Deputy Country Director of United Nations Development Program (UNDP) for Nepal Sophie Kemkhadze, Australian Ambassador to Nepal His Excellency Glenn White, Secretary of Ministry of Industry Surya Prasad Silwal, and experts stressed on the importance of social business. Member Secretary of Social Welfare Council Dilli Prasad Bhatta was the Chief Guest of the ceremony.

Ambassador White expressed his belief that social business could help realize Nepal its ambition to graduate into a developing country by 2022.

Likewise, UNDP Deputy Country Director Kemkhadze said social business could contribute to the sustainable development of the country.

Chaudhary Foundation organized the event in celebration of the Seventh World Social Business Day, amid other events aimed at generating awareness on social business. The Foundation also organized a weeklong orientation workshop to 15 college students aged 16-20. The students presented their business plans at the end of the event.

What is social business?

The concept of social business was first presented by Nobel Peace Laureate Professor Muhammad Yunus of Bangladesh. Its objective is to start a small-scale business with a positive social impact. Personal profits are not expected in such business and there is no sharing of dividend. But the profits earned are spent to expand the business further, or to start another similar venture promoting a positive social cause.

Various organizations and foundations around the world have adopted and implemented the concept. The movement has been very successful in Bangladesh. The European Commission has successfully led the movement in countries like Romania, France, Hungary, The Netherlands and Poland. Various organizations and universities in the U.S., Canada, South Korea, and many other countries are spearheading the social business movement. In Nepal, Chaudhary Foundation has introduced the concept of social business in cooperation with the Yunus Centre