Nepal seeks UK investment in energy sector

Kathmandu, Sept. 29

The Government has requested private sector investors of the United Kingdom (UK) to invest in green infrastructure in Nepal.

Finance Minister Janardan Sharma urged them to invest in green infrastructure and get benefits as well as support in Nepal’s goal of becoming a high-middle income country by 2030.

Speaking at a virtual discussion programme jointly organised by the Investment Board of Nepal (IBN), Nepali Embassy in London and Department of International Trade of the UK government, he assured British investors of all possible cooperation and facilitation from the Government of Nepal.

“Export of clean and renewable energy from Nepal to the neighbouring countries will also help in cutting down carbon emission in those nations as well,” said Sharma, who is also the Vice Chairman of the IBN, which was established as a fast-track investment promotion body.

Chief Executive Officer of the IBN, Sushil Bhatta, appealed to the British private sector to utilise immense opportunities in the energy sector in Nepal. He also said that the IBN was committed to promoting foreign and green investment in energy sector in the country.

Nepal has the potential of about 50,000 Megawatts of hydroelectricity as well as a high amount of wind and solar energy.

“Nepal has made policy reforms in energy sector to promote investment in renewable and clean energy. It has helped in creating favourable environment for investment,” said Bhata.

Chairman of UK-Nepal Trade and Investment Forum, Lord Sheikh, British Ambassador to Nepal, Nikola Pollitt, and Deputy Head of Mission at the Nepali Embassy in London, Roshan Khanal, said that bilateral relations between the two countries would be further solidified through the cooperation and collaboration between the private sectors.

The programme was organised to enhance cooperation between the private sector investors in Nepal and the UK in energy sector to reduce carbon emission as per the Paris Agreement and create a sustainable economy, and promote investment in green and renewable energy.

According to the IBN, it was organised as a preparatory event for the 2021 UN Climate Change Conference which is slated for November 1-12 in Glasgow,  Scotland.

Published in The Rising Nepal daily on 30 September 2021.