Bangladesh is actively pursuing collaborations with Nepal in the realm of hydro-electricity to honor its commitment under the Paris climate accord, aiming for a minimum of 40% clean power by 2041, disclosed State Minister for Power, Energy and Mineral Resources, Nasrul Hamid.
Addressing a seminar at the Nepalese embassy in Dhaka ahead of the Nepal Investment Summit 2024, Minister Hamid underscored Nepal’s potential as a crucial ally in achieving Bangladesh’s clean energy objectives. With Nepal boasting over 40,000 megawatts of hydro-power potential, Minister Hamid emphasized the challenges Bangladesh faces in scaling up solar energy given its dense population and extensive wetlands.
Amid discussions at the seminar facilitated by Nepalese Ambassador Ghanshyam Bhandari and Nepal Investment Board officials, Bangladeshi Members of Parliament Aroma Dutta and Kazi Nabil Ahmed reiterated the importance of leveraging bilateral economic ties.
Ambassador Bhandari highlighted burgeoning economic relations between the two nations, citing joint venture opportunities in hydropower projects as pivotal in addressing Bangladesh’s mounting energy demands. He elaborated on ongoing negotiations, including potential collaborations on hydropower projects like the Sunkosi third hydropower project and the upper Karnali hydropower project.
Expressing optimism regarding bilateral power transactions, Minister Hamid lamented delays in certain projects while reaffirming Bangladesh’s commitment to diversifying its energy mix. He emphasized the government’s earnestness in environmental stewardship, citing Prime Minister Sheikh Hasina’s pledge to the Paris climate accord.
Looking beyond energy cooperation, Ambassador Bhandari underscored Nepal’s investment potential across various sectors such as infrastructure, hospitality, pharmaceuticals, and information technology. The upcoming Nepal Investment Summit aims to showcase Nepal’s transformation as an attractive investment destination and foster strategic partnerships to accelerate economic development.
With a sizable domestic market, strategic geographic positioning, and preferential trading arrangements, Nepal presents a compelling investment landscape for Bangladeshi investors, offering enticing tax incentives and streamlined procedures.
MP Kazi Nabil Ahmed hailed Nepal’s initiatives, advocating for enhanced regional cooperation within the Saarc framework to attract foreign direct investments (FDIs). He emphasized Nepal’s limitless energy resources as a boon for South Asian countries and urged streamlined information sharing to facilitate investor inquiries.
As Bangladesh and Nepal forge closer ties in pursuit of sustainable energy solutions and economic prosperity, collaboration remains paramount in achieving mutual developmental goals and fostering regional integration.
