𝐁𝐡𝐮𝐭𝐚𝐧 𝐏𝐢𝐯𝐨𝐭𝐬 𝐓𝐨𝐰𝐚𝐫𝐝𝐬 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐄𝐱𝐩𝐚𝐧𝐬𝐢𝐨𝐧 𝐓𝐡𝐫𝐨𝐮𝐠𝐡 𝐅𝐨𝐫𝐞𝐢𝐠𝐧 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐏𝐫𝐢𝐯𝐚𝐭𝐞 𝐒𝐞𝐜𝐭𝐨𝐫 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭

…𝒈𝒐𝒗𝒆𝒓𝒏𝒎𝒆𝒏𝒕 𝒊𝒏𝒊𝒕𝒊𝒂𝒕𝒊𝒗𝒆𝒔 𝒂𝒊𝒎𝒆𝒅 𝒂𝒕 𝒂𝒕𝒕𝒓𝒂𝒄𝒕𝒊𝒏𝒈 𝒊𝒏𝒗𝒆𝒔𝒕𝒎𝒆𝒏𝒕 𝒂𝒏𝒅 𝒏𝒖𝒓𝒕𝒖𝒓𝒊𝒏𝒈 𝒍𝒐𝒄𝒂𝒍 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔𝒆𝒔 𝒕𝒐 𝒅𝒓𝒊𝒗𝒆 𝒆𝒄𝒐𝒏𝒐𝒎𝒊𝒄 𝒆𝒙𝒑𝒂𝒏𝒔𝒊𝒐𝒏

By Babita Kharel

The Prime Minister is spearheading the Economic Development Board (EDB), a critical institution poised to catalyze economic growth and development initiatives. Comprising key stakeholders such as the Minister of Industry, Commerce, and Employment, alongside representatives from various ministries, industry bodies, and both international and local expertise, the EDB is geared towards optimizing business establishment procedures, augmenting Foreign Direct Investments (FDIs), and fortifying collaborative engagements between the public and private sectors. With a mandate to accelerate economic prosperity, the Ministry of Industry, Commerce, and Employment will assume the pivotal role of serving as the secretariat for this strategic endeavor.

During the press conference held on April 26, Minister Namgyal Dorji, Ministry of Industry, Commerce, and Employment (MoICE), addressed the latest developments concerning the Economic Development Board (EDB). Established in January 2024, the EDB carries a significant mandate aimed at propelling Bhutan’s economic advancement. Minister Dorji elaborated on the pivotal role the EDB is set to play in driving various economic initiatives and strategies vital for the nation’s growth trajectory.

The private sector has expressed apprehension over its limited representation within the Economic Development Board (EDB), citing potential neglect of their interests. This concern was highlighted amidst discussions regarding the composition of the EDB, a crucial body tasked with guiding economic policies and initiatives.

Responding to these concerns, the Minister of the Ministry of Industry, Commerce, and Enterprise (MoICE) revealed that the EDB has finalized its membership, assuring a significant presence from the private sector. Out of the 10 members selected, 40 percent represent various segments of the private industry, including prominent entities such as the Bhutan Chamber of Commerce and Industry (BCCI). Originally, only two local experts were slated to be part of the EDB, as per an executive order. However, in response to the need for broader private sector representation, the Minister disclosed that an additional local expert has been incorporated into the Board’s composition. This decision, made during the second EDB meeting, reflects a concerted effort to ensure diverse perspectives and comprehensive coverage of private sector interests within the EDB’s mandate. The Minister’s statements aim to assuage concerns within the private sector regarding their influence and representation within key decision-making bodies, underscoring the government’s commitment to fostering collaboration and inclusivity in economic policy formulation and implementation.

The MoICE Minister highlighted the Board’s primary focus on attracting Foreign Direct Investment (FDI) to bolster various industries, including large, medium, cottage, and small-scale enterprises. This aligns with Bhutan’s strategy to diversify its economy and create employment opportunities. The EDB is committed to fostering a strong private sector. The Minister emphasized the importance of organizations like the Bhutan Chamber of Commerce and Industry (BCCI) and the Bhutan Industrial Association. These institutions represent the interests of domestic businesses and will play a crucial role in the EDB’s initiatives.

The press meet also shed light on the ongoing revision of the FDI policy and regulations. The MoICE submitted the revised documents to the EDB, with the expectation of Cabinet approval by the end of April. Streamlining regulations and procedures is a key step towards making Bhutan a more attractive destination for foreign investors. The EDB’s focus on FDI and private sector development reflects the government’s commitment to achieving sustainable economic growth. By attracting foreign capital and empowering domestic businesses, Bhutan can create a vibrant and diversified economy that benefits all citizens.