KATHMANDU, Dec 20:
Both India and Nepal will be in a “win-win situation” if they cooperate to develop Nepal’s “God-gifted” hydropower potential, Minister for New and Renewable Energy Farooq Abdullah said here today.
“Without energy we cannot bring economic prosperity and both India and Nepal can benefit if we work together in developing Nepal’s vast hydropower potential, which is God-gifted,” said Abdullah.
“We should cooperate in such a manner that both the countries will be in a win-win situation,” Abdullah said while inaugurating a three-day Trade Expo aimed at attracting Indian investments in Nepal’s energy, tourism, agriculture and IT sectors.
Abdullah and Nepalese Finance Minister Shanker Prasad Koirala inaugurated “India Investrade 2013” at Bhrikutimandap Exhibition Hall in the capital.
Koirala called for increased investments in Nepal’s energy, tourism, agriculture and IT sector and assured that the Government of Nepal is trying to make the investment climate more secure in a country hit by political crisis.
“The Government of Nepal is committed for regulatory and policy reforms in order to attract more foreign investment in the country,” he said.
“There is deep political commitment among the political leaders of Nepal for promulgating the new constitution within one year,” Indian Ambassador Ranjit Rae said.
“India is ready to support, in all possible ways, peace, security and economic prosperity of Nepal,” he said.
Around 40 Indian companies from electrical and energy sector are showcasing their products. Latest electrical transformers, generators, solar lighting system are on display in the exhibition.
Nepal is rich in water resources with the potential to generate 83,000 MW of hydro-power. It currently generates 674 MW of hydro-power from the total installed capacity of 705 MW. But the country is currently producing just 670 MW of electricity and facing hours of black out every day.
Nepal and India are already cooperating in the ongoing construction of dams on Bagmati, Kamala and Lalbakaiya rivers.
However in September, the two sides were unable to reach a decision on finalising a detailed project report on the 5,600-MW Pancheshwar multipurpose dam, proposed 15 years ago for sharing power and water on a 50-50 basis.
Work on the dam on the Sarada river could not move forward due to the political instability in Nepal. (PTI)
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