Energy one of major tools for promoting national income, says Finance Minister

Finance Minister Dr Parkash Sharan Mahat has said energy sector is one of the major sources for increasing the national income.

In his address to the concluding session of Power 2023 Summit in Kathmandu today, the Minister said the private sector had its significant contribution to the promotion of energy sector in Nepal.

Before the 1990’s, the domestic energy production was just one or two megawatts and with the involvement of the private sector in the power generation, the graph of power generation is soaring and now we have arrived at the point of exporting it, according to the Finance Minister.

He took time to say that 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 on power production. As the Minister said the government is committed to encourage investors to engage in the energy sector.

“I appeal to the national and international investors to consider investment in the Nepal’s energy sector. The government is ready to address the problems facing the investors,” the Minister pledged, assuring various concession and facilities for the investments.

According to him, the investment made by the private sector had yielded a favorable result. He saw energy as a good source of income for Nepal.

Stating that the government would take the lead to export surplus electricity to India and Bangladesh and other countries, the Minister vowed to devise a mechanism to export electricity to India.

Considering Bangladesh as another big market for Nepal in terms of electricity, he indicated that surplus electricity could be exported to Bangladesh after inking agreement for the trade of electricity.

According to him, big investors such as the World Bank were keen in investment in hydro power projects in Nepal, mostly medium scale.

He emphasized increasing domestic consumption of energy and encouraged use of electric vehicle and electrification of transportation sector.