Nepal hosts investment summit in hopes of attracting foreign funds for hydropower projects

KATHMANDU, Nepal (AP) — Nepal hosted an investment summit Sunday in hopes of attracting much-needed foreign investment, especially in the development of hydropower projects that will produce more electricity that can be sold to neighboring countries. .

Several foreign investors attended the two-day meeting in the capital Kathmandu, where Nepali authorities encouraged investment in the development of hydropower projects and other sectors such as tourism and industry.

Nepal has eight of the world’s highest mountains and several rivers flow from them, providing huge hydropower potential. However, only a small number of projects have been built in the poorer countries of South Asia.

Nepal’s Prime Minister Pushpa Kamal Dahal told delegates that “our country’s hydropower potential promises an abundant supply of renewable and clean energy.” But he said, “Only 3,200 megawatts of electricity have been harnessed to date, and only about 5,568 megawatts of large-scale projects are under construction or underway.”

“This clearly shows that there is a huge opportunity to invest in Nepal’s hydropower sector,” Dahal said, adding that existing and planned cross-border transmission lines with India and China will It added that it supports energy exchange.

He said Nepal has signed an agreement or memorandum of understanding with China. India Bangladesh is seeking power trade and cooperation.

Nepali officials also hope to attract more investment into the Himalayan country’s tourism sector, which is struggling to recover from the coronavirus pandemic.

“The summit will provide networking opportunities among policymakers, investors, experts and stakeholders to share ideas and views, as well as foster joint ventures in areas such as industrial and infrastructure development. “We will do so,” said Finance Minister Barsha Mann Pan.

Nepal, the main objective is to project the country as an emerging private sector investment destination and highlight recent reforms to strengthen the investment environment and ensure regulatory framework and support for domestic as well as foreign investments. He said that.

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