Minister Basnet appeals to Korean investors to invest more in Nepal's energy sector

By A Staff Reporter, Kathmandu, Sept. 14: Minister of Energy, Water Resources and Irrigation Shakti Bahadur Basnet has urged South Korean investors to invest more in Nepal's energy sector.

He made this request to Hoe-Chun Kim, President and Chief Executive Officer of Korea South-East Power Company (KOEN), the main investor of the Upper Trishuli-1 hydropower project, who came for a courtesy call with Minister Basnet at the ministry Wednesday.

Stating that Nepal is a suitable destination for foreign investment, the government has created the necessary environment for it and it is easy to take the returns of foreign investment, he requested to expand investment in some more important projects.

Minister Basnet said that Nepal can also benefit from Korean technology and skills. Minister Basnet requested that there will be full support from the government to carry out the Upper Trishuli-1 hydropower project smoothly and to complete it within the time limit.

Stating that the project is an important link to further expand the friendly relations between the two countries, Minister Basnet requested Korean investors to invest in more big projects as the government has made legal, policy and structural reforms.

President and Chief Executive Officer of KOEN Kim said that by using Nepal's immense water resources, increasing domestic consumption of clean green energy and exporting surplus energy to neighbouring countries she can achieve economic prosperity and reduce the impact of climate change.

He made it clear that he would assure Korean investors that Nepal is a safe destination and asked for more investment. "After I return from here, I will urge more Korean investors to invest in Nepal. As an example of that, I believe that Upper Trishuli-1 is a hydropower project," said Kim.

He assured Minister Basnet that they will do their best to complete the Upper Trishuli hydropower project within the stipulated time. 

The foundation stone of the project was laid only on Tuesday. Currently, the physical progress of the project is 22 per cent.