Nepal President Ram Baran Yadav wants neighbours India and China to join hands in developing the hydropower sector in the Himalayan nation to help the country overcome its energy crisis.
He said this while addressing the inaugural session of Power Summit 2013, a two-day seminar being held in Kathmandu to fast track hydro power development in Nepal.
Nepal’s untapped hydropower potential is of interest to investors from India and China both of which need power to fuel their superpower dreams.
Though Nepal has an estimated potential of nearly 83,000 MW, the installed capacity at present is only 705 MW. The country faces power crisis and imports from India to meet its needs.
“When we are in political transition, we tend to take our eyes off the economic agenda. This should not be the case,” Yadav said while urging everyone to cater to the needs of the Nepali citizens first.
China’s ambassador to Nepal Wu Chuntai and Charge d’affaires of Indian Embassy Jaideep Majumdar assured support of their countries to help Nepal exploit its hydro power potential.
Nepal experiences power outages all throughout the year with nearly 18 hour daily power cuts during winter.
There has been significant investor interest in past years but lack of political stability and security of investment has resulted in the power sector remaining in limbo for years on stretch.
“Hydropower is the only solution for permanent peace and prosperity in Nepal,” said Subarna Das Shrestha of Independent Power Producers Association of Nepal, organisers of the summit.
During the summit representatives from government and private sector from over a dozen countries would deliberate on issues related to power generation and supply in Nepal.