According to the Nepali Congress’ statement, members of the ongoing Central Working Committee meeting approved the ‘new economic policy’ after thorough consideration of CWC members’ feedback and suggestions.

The NC also decided to form a research committee with experts from various economic sectors to review and assess Nepal’s economy over the last 25 years.

“We have received many feedbacks and suggestions from CWC members. After incorporating them, we will present the policy at the upcoming Mahasamiti meeting which is set to convene on Saturday,” said Prakash Sharan Mahat, Panel Lead for NC’s economic policy planning.

The committee will identify best economic practices and suggest a new economic and social policy roadmap that Nepal should implement.

A NC report criticized the economic indicators identified by the KP Oli Government by saying that they were exaggerating and misleading.

NC pointed that the ruling government failed to bring about the expected growth even though it had strong central and provincial governments.

NC expressed concerns over government’s plans in the following areas:

• Felling a large number of trees for the upcoming Nijgadh International Airport
• Failure to construct transmission lines despite having several hydropower plants to produce energy
• Nepali Communist Party’s decision to hand over the Budhi Gandaki project to the controversial Gezhouba Group Company Limited
• Nepal Airlines’ procurement of two wide-body aircrafts following its financial embezzlement
• Imposing quota system during sugar procurement
• The incumbent’s government’s approach towards the gold smuggling case and expanding various taxes scope

The opposition also blamed the Oli-led government for crony capitalism. NC’s economic reports predicts that such governance cannot utilize foreign investment in Nepal.

As part of its economic policy, Nepali Congress has assured that it will work for comprehensive prosperity and equality through:

• Sustainable economic development on the basis of high productivity
• Policies and programs to create qualitative tourism
• Promotion of youth entrepreneurship for job creation
• Introduction of several social security schemes
• Promotion of electric vehicles by 2030
• Effective implementation of fiscal federalism.

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According to a recent update, both the countries have agreed upon to hold a two-day secretary-level bilateral meeting in the month of November 2018.

Towards this end, the Ministry of Energy Water Resources and Irrigation (MEWRI) of Nepal forwarded the proposal to Bangladeshi authorities to conduct a meeting of Joint Steering Committee (JSC), supported by the Energy Secretaries of both countries and a Joint Working Group (JWG) under the Joint Secretary of the Energy Ministries of both nations.

While the meeting during November 15-16, 2018 is yet to fix its agenda, a Nepal Electricity Authority (NEA) official has reportedly informed that the discussion will be around two key agendas: Trading in energy sector between the two countries and Bangladeshi investment in Nepal’s hydropower sector.

“Once we hear back from the Bangladeshi authorities, we will finalize the agenda to be discussed in the meeting,” informed Dinesh Kumar Ghimire, Joint Secretary of MEWRI.

NEA is planning on export of power generated from Nepali hydropower projects to Bangladesh through the infrastructure support in the Indian territory.

On the other side, Bangladesh has also been keen on investing in Nepal energy sector, especially the hydropower sector.

Background
The two sides formed new mechanisms in this regard last month after signing MoU on energy cooperation in August 2018. In the same meeting, the two countries decided to form a JWG and a JSC to track the progress of discussions and provide relevant direction, which finally resulted in a scheduled meeting.

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By launching the investment program, it aims at drawing Qatar investments in hydropower and tourism projects, said Nepal Ambassador to Qatar Ramesh Prasad Koirala.

Likewise, Qatar Airways and Hamad International Airport are also interested in developing tourism-related projects with Nepal Government in the future.

Talking about tourism ties, Koirala also identified India and China as countries with huge potential for Nepal Tourism. “India and China are large markets and Nepal is situated between these two countries, presenting a lot of opportunities, especially in the tourism sector,” he said on the occasion of Nepal National Day in Doha.

The investment program also aims to attract business delegations who will visit both countries and study the option to develop projects in sectors including hydropower, tourism and agriculture.

Agriculture, Hydropower & More
Koirala identifies ‘agriculture’ as a key sector for Qatar considering its food security initiatives. Owing to Nepal’s good climatic conditions, the country can be of great support to the Qatar Government’s food initiatives as it has a wide variety of organic farm produce.

Nepal is looking forward to exporting its products to Qatar and will be sending a Nepali trade delegation next month to the Middle-East country and showcase the Himalayan nation’s products, adds the Nepali Ambassador.

In terms of hydropower Koirala said, “We plan to bring in economic experts from Nepal to highlight the investment opportunities in Nepal. In the area of hydropower, this is one of the cleanest forms of energy. I think we are the second largest country in the world after Brazil to develop hydropower.”

Besides these, Nepal also plans to export mineral water to the gulf country, among  other world nations.

Adding further, he said, investors from Qatar will be coming to Nepal to collect samples from natural water sources, after the rainy season.

“The Himalayas is a mountainous area that is replete with sources of pure water. Right now, experts in Nepal are testing the water’s natural mineral content because it must comply with GCC standards. Once all these have been finalized, then we could expect export to start,” Koirala said.

Previous Pacts:
Earlier in April 2018, the Nepal Chamber of Commerce & Industry and the Qatar Chamber signed an agreement to ‘enhance cooperation’ and ‘exchange of information and meetings’.

Qatar Chamber Board Member Khaled Bin Jabor Al Kuwari said that the agreement was signed to establish friendly ties between businessmen from both countries for investment partnership that is crucial to enhancing bilateral relations in the commercial sector.

He also urged Qatari businessmen to gain knowledge about investment opportunities in Nepal and make use of investments incentives from the tourism and trade sectors.

Nepal Chamber Vice-President Bhaskar Raj Rajkarnikar also invited Qatar businessmen to visit Nepal to explore business opportunities and get to know their Nepali counterparts.

Conclusion:
Hope the fresh round of talks brings about some major breakthroughs for Nepal in its hydropower, agriculture, tourism and water sectors.

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Oli’s New Delhi visit gains significance in the light of a long-awaited political transformation in Nepal following the Communist Alliance’s grand victory in the recently-concluded Nepal general elections.

This visit holds high value for the Indo-Nepal bilateral relations which have been facing little odds in the recent times owing to a misconception that Nepal is moving pro-China.

At this juncture, Oli’s three-day bilateral visit to India is coming as a needed boost to the Indo-Nepal diplomatic ties strengthening the ties to the next level.

Constructive and Development-Focused

In a recently-held parliamentary meeting, Oli informed about his agenda and key priorities to be raised with the Indian side in his upcoming visit.

“We will go unified for the development and the promotion of the nation. We obviously will go forward in the developmental activities and will maintain harmonious relations with our neighboring nations for the purpose of development and prosperity,” Oli said in his address to the Nepali Parliament.

Oli assured of taking up no such activity that fragments the unity or spring up the feeling of disparity developing the relation of mutual benefit and understanding between the two countries and pressed on bringing up piled-up issues in the discussions for early completion.

“Our Southern neighbor is ready to assist in Nepal’s development,” Oli said in a statement, adding that the focus will be more on the pending projects.

“Rather than piling up new agreements and forgetting about them, we’ll focus on how to make tangible progress on past agreements and in areas of cooperation,” said Oli.

Nepali Foreign Minister Pradeep Kumar Gyawali said, “There is no alternative to excellent bilateral relations between Nepal and India despite some twists & turns in the recent past.”

“Expect a visit that sets the course for the future of ties between India and Nepal. This won’t be about the nitty-gritty of agreements, but about putting the past behind us and presenting big ideas for moving ahead,” said an Indian official.

Matters on Priority

As part of his visit, Oli is expected to hold special discussions with his counterpart Indian Prime Minister Narendra Modi, followed by meetings with businessmen and Nepali diaspora in New Delhi.

“I will discuss the projects that were committed to be reconstructed by India after the devastating earthquake,” Oli said in his address to the Nepali Parliament.

He laid due priority to railway and reconstruction projects, Pancheshwar Multipurpose Project (PMP) and postal highway completion, among others.

Connectivity is also expected be in the top priority list in the Oli-Modi discussion with special focus on border management, cross-border railways, trade and energy.

Agreements related to agriculture sector, inland water navigation through Koshi River and cargo movement through transit points are also likely to be signed.

Demonetization is another major area that the Nepali PM is keen on discussing about with the Indian side. Towards this end, Oli is most likely to push India to exchange billions of banned demonetized Indian currency notes held in Nepal. Nepal has around Rs 950 crore worth demonetized notes lying with its individuals and informal sectors.

“The Indian demonetization has hurt Nepali nationals. I will raise this in my meetings with Indian leaders and request them to resolve the issue,” Oli said in a statement.

As a Chair for SAARC and BIMSTEC, Nepal is also expected to seek India’s regional and sub-regional cooperation with special emphasis on the upcoming SAARC Summit.

Both the Prime Ministers are set to jointly lay a foundation stone of the 900 MW capacitive Arun III hydro project and will also inaugurate the Integrated Check Post at the Birgunj-Raxaul border built over a seven-year period.

Overall, Oli’s visit is expected to open new ways for strengthening Indo-Nepal cooperation.

“The visit will provide an opportunity to the two sides to review wide-ranging cooperative partnership and progress it further for the benefit of people of two countries. The entourage of the Prime Minister will comprise Ministers, Members of Parliament, Secretaries and other high-ranking officials of the Government of Nepal,” the Ministry of Foreign Affairs of Nepal said in a statement.

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The second edition of the three-day Nepal Power Investment Summit 2018, held during January 27-29, 2018, saw the participation of renowned personalities from international bodies such as SAARC, BIMSTEC and ASEAN, global leaders and investors, ambassadors, bankers, ministers and businessmen, among various other key delegates from different parts of the world.

A total of 350 delegates from 24 countries including China, Korea, Europe and the United States, around 100 participants representing 30 international companies and around 400 participants from Nepal including policymakers and private sector players took part in the summit.

As part of the summit, various government and industry experts expressed their views on Nepal’s energy sector and its potential.

President Calls for Energy Investment

Inaugurating the summit on January 27, 2018, President Bidya Devi Bhandari called on the global and local investors to tap the untapped hydropower potential of Nepal.

“We need capital and technology for the implementation of large scale hydropower projects and the government will accord top priority to attract foreign investment and technology. The investors will also benefit from the growing demand for electricity in Nepal as well as South Asia,” said the President in her inaugural address.

In this regard, she promised an investor-friendly environment in line with their interests and needs to all the players coming forward.

Need to Act Fast, says Ambassador

Highlighting Nepal’s strong energy potential, Indian Ambassador to Nepal Manjeev Singh Puri said the country should act fast in implementing the hydropower projects considering the inclination towards renewable energy projects at the global-level.

“In the backdrop where solar power is getting cheaper day by day, hydropower will lose its competitive advantage to solar energy soon. Therefore, Nepal should act fast in developing the hydropower projects,” said Puri in his keynote address.

He went on to say that Nepal should start mega energy projects for both employment generation and economic development and to stay ahead in competition.

“Nepal should immediately start developing large projects to provide energy at competitive rates,” he added.

Industry Experts Seek Faster Implementation

Though Nepal’s energy policies for foreign investors look promising, the government agencies working in the process need to pace up the rate at which they implement the projects, say the energy industry experts.

“We are the private sector who looks maximized return within short period of time, but here in Nepal we have to invest more than five years doing basic things, getting approvals and clearances,” said a Vietnam-based businessman who participated in the summit.

The experts also lauded the Government of Nepal’s power purchasing policies in USD term, ease in removal of land ceiling for big hydro projects and management of technical human resources as some of the notable developments required for attracting foreign investment.

Innovation in Investment

Speaking at a panel discussion on ‘FDI in Nepal’s Power Sector’ held as part of the summit, various energy industry experts and investors called for innovative ways of financing in the Nepali hydropower sector.

“Since hydropower projects are capital intensive and have longer gestation period, innovative financing solutions like equity financing is the need of time,” says a Nepal-based private industry player.

The panel speakers also pitched for independent regulatory body to check the demand and supply along with fixing energy tariff in the country.

Towards Energy Development and Expansion

According to the summit organizer, Energy Development Council (EDC), this summit is aimed at creating a platform to ensure one-step business and business expansion in the energy sector while matching the interests of industry players.

The summit was hosted a participant-investor platform allowing participants to meet investors for a debt financing of around
USD 5-20 billion for various power projects including solar, wind and hydro energy.

Speaking on the occasion, EDC Chairperson Sujit Acharya highlighted that Nepal holds a 40,000MW electricity generation potential over the next 10 years.

“The resources needed for harnessing hydropower to that level could be available from the international financing institutions under Engineering, Procurement, Construction and Financing modality,” he added.

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The country’s hydropower potential is estimated at 85,000 MW with 43,000 MW being economically-viable.

The country is currently having a installed hydropower capacity of 752 MW and rivers are the only source of the plants operating in the country.

The electricity demand in the country is growing at an annual rate of 28%. 92 percent of the country’s energy needs are met by the hydropower sector.

Interestingly, 2001 alone saw over 100 hydropower project proposals in Nepal. Nepal’s first hydro power plant was built in Pharping with the support of the United Kingdom.

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The three-day conference, held during January 5-7, 2017, saw the participation of around 30 experts related to the hydropower sector from countries such as India, Brazil, Italy, South Korea, among others.

Speaking at the inaugural session, the President of Nepal Bidya Devi Bhandari urged the global investors to invest in hydropower development of the country.

Lauding Nepal’s hydropower potential, the President urged on the need for public and private sector participation towards the development of the sector.

“We have huge potential in hydropower development and if properly tapped, this sector will be able to change the fate of the entire nation. The government and private sector should join hands and come together for hydropower development,” says the President.

“The country is importing huge quantum of electricity annually and this practice should be ended,” said Bhandari urging the government to focus on production to attain self-reliability.

In this regard, she also called on the need for replacement of petroleum products with that of the renewable energy.

Meanwhile, Shailendra Guragain, President of Independent Power Producers’ Association Nepal (IPPAN) said this expo will be a forum for discussions among investors, developers and other concerned stakeholders.

 “This expo is a one-stop solution for those who want to get information about the hydropower development and its other components,” he added.

Hari Bhakta Sharma, President of the Confederation of Nepalese Industries (CNI) opined that the tapping of hydropower potential is needed for the economic growth of Nepal.

According to Vijaya Sagar Pradhan, Managing Director of Expo and Event Management Private Limited, this expo is aimed at achieving the key objective of generating 17,000 MW hydro power over the next seven years.

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The country’s energy sector that saw 2017 beginning with the addition of 50 MW capacity to the national grid continued a successful path adding 15 other hydropower projects with a total installed capacity of 100 MW by end of 2017.

Overall, the country witnessed a total installed capacity of around 150 MW from 16 hydropower projects in 2017.

Interestingly, private sector held a largest share in all of these projects with only a limited participation seen from the state-owned Nepali Electricity Authority (NEA).

However, few other key projects of NEA that are set to generate good amount of power are likely to be completed soon.

30 MW capacitive Chameliya Hydropower Project and 456 MW capacitive Upper Tamakoshi Hydropower Project are among NEA projects nearing completion.

Besides hydropower projects, the energy sector also saw a major milestone in the construction of transmission lines across the country.

The 132 KV Blanch-Attariya line that would evacuate the power from the Chameliya Hydropower Project to the national grid has been brought into operation.

2017 also saw the endorsement of the Electricity Regulatory Commission Act 2017 that facilitates the establishment of the Nepal Electricity Regulatory Commission (NERC), an independent body to regulate the country’s power sector. 

The country’s energy ministry has also brought a regulation to sign dollar-denominated power purchase pacts with hydropower projects that resort to foreign loans. 

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