Hydropower: Attracting foreign investment 'Nepal's top priority'

Nepalese President Bidhya Devi Bhandari said on Jan 27 that the government is committed to creating a congenial environment for investment, with attracting foreign investment in hydropower as the top priority.

"In the wake of major political change in the country, our main goal is to achieve rapid economic growth," said Bhandari, emphasizing that developing infrastructure, especially in the hydropower sector will be key to the country's progress.

Bhandari was speaking in Kathmandu at the annual Nepal Power Investment Summit. Focusing on developing 40,000 MW in the next 10 years in Nepal, the three-day event, from Jan 27-29, will showcase energy investment opportunities in Nepal and provide updates on the sector's development.

Government officials, ambassadors, industry leaders, and academic researchers from countries including Nepal, China, India, Bangladesh and Germany are attending the summit.

Noting the need to develop renewable energy in the context of climate change and excessive use of fossil fuels, Bhandari said hydro resource is a "valuable gift of nature" to Nepal in developing one of the most eco-friendly and sustainable source of energy-hydroelectricity.

As a landlocked central Himalayan country in South Asia, Nepal is endowed with a large number of high mountains with plenty of glaciers leading out to more than 6,000 rivers.