The minister made the announcement after a meeting with Romi Gauchan Thakali, the commerce minister of Nepal on Sunday morning.
A Nepali delegation led by Thakali met with Tofail yesterday to discuss bilateral trade and commerce issues.
“There are a lot of opportunities for investment in Nepal. We will jointly invest in hydroelectricity in Nepal and benefit from the produced electricity. We would like to import this power to Bangladesh,” Tofail Ahmed told reporters after the meeting.
He added: “Nepal is a longtime ally and we would like to strengthen our ties through a better economic relationship.”
Currently the project’s feasibility study is in progress. As per the plan, Bangladesh will be given priority to import the electricity.
Tofail also said that he is hopeful about establishing rail connections with Nepal by 2018.
The two nations recently became part of the Bangladesh, Bhutan, India, Nepal (BBIN) initiative that aims to increase bilateral trade and road communications, helping nations with the transportation of goods.
Minister Thakali said Nepal would welcome investment in its agriculture and tourism sectors by Bangladeshi investors.
He also hailed Prime Minister Sheikh Hasina's dynamic leadership for the development of Bangladesh.
According to Export Promotion Bureau, Bangladesh earned $17.89 million exporting to Nepal while it imported products of $9.40 million from the country in the last fiscal year.