Some 235 business -related policies reviewed for reform

Thinley Namgay

The Bhutan Chamber of Commerce and Industry (BCCI) revealed that the Ministry of Industry, Commerce, and Employment (MoICE) is working to streamline business regulatory processes following the submission of a comprehensive report reviewing 235 economy-related policies.

The initiative, supported by the Voice for Green Change Partnership (V4GCP) and funded by the European Union, and spearheaded by BCCI, aims to reduce compliance burdens and create a more business-friendly environment.

The findings were shared during the first quarterly private sector press conference organised by the BCCI in Thimphu on December 27.

During the review of business regulatory processes earlier this year, the private sector identified key challenges, including licensing regulations, labour regulations, access to finance, market accessibility, tax regulations, and service delivery, among others.

BCCI President Tandy Wangchuk emphasised the importance of addressing challenges identified by the private sector.

“If the submissions made by the chamber and the private sector are considered, many business-related challenges could be resolved,” he said.

The government’s Executive Order on January 29 directed the MoICE to evaluate Bhutan’s business regulatory processes to simplify regulatory frameworks and reduce compliance burdens, thereby fostering a conducive business environment.

A committee comprising representatives from various agencies and sectors was formed to complete the review and submit recommendations to the Prime Minister’s Office by March 1, 2024.

This initiative aims to foster a more conducive environment for business growth and development by identifying existing barriers and proposing practical solutions.

Through stakeholder consultations, issue compilation, committee formation, and rigorous validation processes, approximately 235 issues were analysed and validated.

The review process engaged both government and private sector stakeholders, ensuring a comprehensive understanding and pragmatic solutions to the challenges faced by businesses in Bhutan.

During consultations with the private sector, three domains of review were identified: general economic development policies, business regulatory processes, and policy processes related to private sector development.