President Ramchandra Paudel has said that Nepal, country rich in natural resources, can become prosperous through optimum generation of electricity.

He made this remark while inaugurating the fourth edition of Himalayan Hydro Expo 2024 organised by the Independent Power Producers’ Association, Nepal (IPPAN) at Bhrikutimandap Thursday.

Stating that responsibility of the government is to create investment friendly environment, he said that the government and the political parties should always be proactive to make the investment friendly climate by facilitating the acts and laws.

President Paudel said that the achievement and transformation of energy development in the country today was brought about by the multi-party democratic system after 2046 B.S.

He said that electricity development, which was limited before the multi-party system, is the achievement of the transformative and open-market economic policy adopted by the subsequent governments.

This is the reason, he said, from yesterday's situation of having to import electricity, it has reached the stage of export.

"The country, which suffered from severe electricity shortage until a few years ago, has now transformed from an electricity importing county to an electricity exporting country, which is a matter of pride and happiness for everyone.

We have been able to achieve this achievement with the continuous efforts of the government and the private sector.

In the future, the government and the private sector should work together to make the country prosperous through the development of hydropower," he said.

Energy is the major means of country's prosperity, he said, adding that the country should move towards making the energy security sustainable.

The growth of production and export of electricity are both the positive aspects of the country, he said.

President Paudel said that demand for green energy is high in the regional market and it should focus on the use of renewable energy in the world.

"The government and India have made an agreement to export 10,000 MW electricity to India in next 10 years and the government has planned to generate above 28,000 MW electricity by 2035. That is a positive initiative to promote hydropower.

The mutual cooperation among the government, private sector and hydropower developers a must to achieve this goal," he said.

Minister for Energy, Water Resources and Irrigation Shakti Bahadur Basnet said that the huge potential of hydropower development is an important basis for the progress of Nepal.

"The government has brought an action plan to generate above 28,000 megawatts of electricity within the next 12 years, and although it looks ambitious, it has been done based on reality and needs," he said.

He said that there is a need to bring foreign investment, not only resources within the country, for investment.

Minister Basnet said that the electricity bill, which is now tabled in the parliament and is being discussed, will be passed and implemented soon.

He expressed confidence that the new Electricity Act will facilitate the development of hydropower projects and the investment will increase further.

Minister Basnet said that the government would continue to facilitate land acquisition, forestry and other procedural matters for the project.

IPPAN President Ganesh Karki said that Rs. 1,300 billion have been invested by the private sector in hydropower projects.

"The private sector is playing an important role in economic growth and job creation and more than 500,000 skilled, semi-skilled and unskilled people are getting jobs in hydropower sector," he said.

The country has succeeded in earning foreign currency through electricity export in recent times and that it would increase further, he said.

Karki said that the expo would also help in the upcoming investment summit to be held on April-28-29 in Kathmandu.

In order to increase foreign investment, he urged the government to make policy reforms and ease procedural problems.

The expo will continue until Friday (April 26, 2024).