President of Chaudhary Group Mr. Binod K. Chaudhary has been awarded with Growth, Innovation and Leadership Award 2016 by Frost & Sullivan recently.

"A robust and healthy private sector is needed for the development of a country," Chaudhary said, receiving the award. "I consider this award to be in recognition of my efforts for the promotion of the business sector in Nepal that is both my homeland and business base."

"I am committed to promote Nepal's economic development not only in my role as a private sector representative, but in any role or capacity if there is a need," he said. "I would like to contribute in best possible ways toward Nepal's development."

Frost & Sullivan handed out the award to Chaudhary at an awards banquet held at Soaltee Crown Plaza in Kathmandu on Wednesday. The organizer had held the event for the first time in Kathmandu.

Frost & Sullivan has mentioned that President of Chaudhary Group Mr. Binod K. Chaudhary was awarded in recognition of his determination, dedication and leadership in business. It has commended  Chaudhary for his contributions in the promotion of private sector, education, health, youth empowerment, and employment generation.

Speaking at the Forst & Sullivan GIL Summit earlier, President Chaudhary announced his plan of expanding the most popular brand of Chaudhary Group—Wai Wai—globally with a target of occupying at least 5 percent share of the global noodles market by 2020. Current global noodles market share of Wai Wai is 2.5 percent. It is consumed in 30 countries worldwide.

"Wai Wai is no more a brand of Chaudhary Group alone. It has become a pride of Nepal." President Chaudhary said.

President Chaudhary said that the businesses today should move ahead by realizing and quickly adopting the changes in technology. He said businesses may become obsolete and lose significance in no time if they fail to keep pace with the rapid technological progress."

Frost & Sullivan is a consulting firm that provides market research and analysis, growth strategy consulting, and corporate training services across multiple industries. It has awarded President of India's Tata Group Ratan Tata, Arch Bishop Desmond Tutu, British Industrialist and Philanthropist Sir Richard Branson among others with the Growth, Innovation and Leadership Award in previous years.