President urges investors to invest in hydropower

KATHMANDU: President Bidya Devi Bhandari stressed on the need for developing infrastructures to promote economic development wherein harnessing of hydropower is significant in infrastructure development and also the base for prosperity.
While inaugurating Nepal Power Investment Summit organized by Energy Development Council (EDC) in Kathmandu on Saturday, she also urged the investors to invest in the hydropower sector. “Hydro sector is a fertile one to make investments adding.”
Asking for rapid development of renewable energy sources she said that despite enormous natural resource in the country, the majority of the population is deprived of access to even minimum electricity facility.
Assuring that the government was committed to creating an investment-friendly environment and will accord top priority to attract foreign investment in hydropower, the President said that the country needs capital, technology, market feasibility and development of cross-border transmission line for implementation of large-scale projects. “As the demand for electricity is soaring in Nepal and South Asia, there is a good opportunity to invest in hydropower sector,” she said, urging that domestic and foreign investors to inject their capital in Nepal’s hydropower to cash in on the immense opportunity provided by soaring demands of electricity in South Asian region.
Ambassador to Nepal Manjeev Singh Puri, on the occasion, said that India was always supportive to Nepal’s energy sector’s development. “Both the countries are jointly working in this sector,” he said.
A total of 350 plus representatives from different countries are attending the three-day-long summit. According to the organizers, who claimed that the government would be requested for the implementation of the recommendation of the three-day summit.
On the occasion, EDC chairperson Sujit Acharya said that Nepal has the potential of generating 40,000MW electricity in the next 10 years.