Energy sector is a major source of national income, says Finance Minister

KATHMANDU: Finance Minister Parkash Sharan Mahat has said the energy sector is one of the major sources of national income. In his address to the concluding session of the Power Summit 2023 in Kathmandu on Wednesday, Minister Mahat said the private sector has a significant contribution to the promotion of the energy sector in Nepal. Before the 1990s, domestic energy production was just one or two megawatts and with the involvement of the private sector in power generation, the graph of power generation is soaring and now we have arrived at the point of exporting it, said Minister Mahat. He said private investors are attracted to Nepal's energy sector seeing its viability adding that it is a matter of happiness that Nepal is now partially self-sufficient in power production. The government is committed to encouraging investors to engage in the energy sector, he added. He appealed to national and international investors to consider investment in Nepal's energy sector. "The government is ready to address the problems being faced by the investors," the Minister pledged, assuring various concessions and facilities for the investments. According to him, the investment made by the private sector had yielded a favourable result. Minister Mahat said the government will take the lead to export surplus power to India and Bangladesh and other countries and vowed to devise a mechanism to export electricity to India. He also indicated that surplus electric power could be exported to Bangladesh after making a power trade agreement. According to him, big investors such as the World Bank were keen on investment in hydropower projects in Nepal, mostly medium scale. He emphasized increasing domestic consumption of energy and encouraged the use of electric vehicles and electrification of the transportation sector. Power Summit 2023 was jointly organised by the Independent Power Producers Association of Nepal (IPPAN) and the Government of Nepal, Investment Board Nepal was the co-organiser for the event. READ ALSO:

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