Thukten Zangpo
The Bhutan Chamber of Commerce and Industry (BCCI) highlighted significant milestones in private sector development during its 36th annual general meeting in Thimphu on September 27.
BCCI President Tandy Wangchuk highlighted BCCI’s role in securing loan deferment for the private sector after Covid-19 to help in the economic recovery.
He also said that the Chamber managed to reduce the cooling period for foreign workers from six months to one month and revise dolomite rates for domestic consumption from Nu 1,200 to Nu 770.
The BCCI established MoUs with international chambers like KOTRA (South Korea), Swiss-Asian Chamber of Commerce, Geneva Chamber of Commerce, Industry and Services, and Board of Trade of Thailand, according to BCCI President.
The BCCI engaged with international financial institutions such as the Asian Development Bank, the International Finance Corporation, and the World Bank to explore and identify investment opportunities in agriculture, renewable energy, food processing, tourism, and small and medium enterprises.
The Chamber also engaged in the review of the inconsistent regulatory process, insolvency Bill, land leasing initiatives, and foreign direct investment policy, among others.
Highlighting some of the revisions in the policies, the BCCI President said that the land lease period was increased to 99 years from 30 years and a new component of ‘sweat equity’ has been included in the new FDI policy.
The chief guest of the event, Speaker of the National Assembly, Lungten Dorji, underscored the private sector’s vital role in the economy, contributing 30 percent of the total employment in the country and 24 percent to Gross Domestic Product.
“There should be favourable regulations to facilitate private sector development, improve business ecosystem and access to finance,” the Speaker said.
Currently, 47 Acts need to be harmonised, he added.
The Dzongkhag Business Development Committee chairpersons expressed their concerns on the need to fast-track the construction integrated check post in Samdrupjongkhar to boost business.
A chairperson highlighted the need to increase the carrying capacity of vehicles, which is currently restricted by the Bhutan Construction and Transport Authority. At present, Eicher DCM trucks are allowed to carry only 5.5 metric tonne (MT), 12MT for trucks, and 2MT for Bolera trucks.
BCCI has allocated Nu 32.9 million budget for various programmes in fiscal year 2024-25.
It includes activities like trade fairs and exhibitions with a budgeted amount of Nu 7.83 million and Nu 2.88 million for sensitisation and awareness programmes.
About Nu 2.25 million has been allocated for the network building and linkages, Nu 2.8 million for research studies and private sector development dialogue, Nu 15.14 million for business start-up and upskilling, and Nu 2 million for building the Chamber’s institutional capacity.
The Chamber has plans to allocate Nu 11.5 million for the promotion of the Phuentsholing Food Bazaar and Family Night Out event, the Rhododendron Festival in Merak, and other events. This fund is yet to be secured.