The Bhutan Chamber of Commerce and Industry (BCCI) has taken a commendable stride by initiating a comprehensive plan to engage the private sector in the 13th Plan. This move aligns with the broader vision of transforming governance and fostering a more dynamic, inclusive economy.

As Bhutan navigates its post-LDC (Least Developed Country) era, this collaboration between the government and the private sector is not just timely but essential for sustainable growth. The private sector, always called the backbone of economic development, will have to play a renewed role, more critical than ever. With Bhutan’s graduation from the LDC category, the country has seen a decline in development assistance from international partners.

This shift necessitates a stronger, more self-reliant economy, and the private sector is poised to play a pivotal role in filling this gap. By contributing significantly to government coffers through taxes and creating employment opportunities, a robust private sector can drive national progress.

The government, on its part, has committed to fostering a conducive business ecosystem. Streamlining regulations, establishing one-stop service delivery points, reforming licensing and tax frameworks, and enhancing access to finance are all steps in the right direction.

The move to privatise state-owned enterprises through public-private partnerships (PPPs) further underscores the government’s recognition of the private sector’s potential. These reforms are not just about easing business operations but about creating an environment where innovation and entrepreneurship can thrive.

The private sector is not seeking special favours. It is calling for systemic reforms that make the business environment more friendly and efficient. Current systems and policies are often perceived as hurdles rather than enablers of growth. This perception discourages innovation and stifles ideas, particularly in a rapidly evolving global landscape shaped by technological advancements like artificial intelligence.

We must adapt to these changes by fostering a regulatory environment that encourages creativity and allows new ideas to flourish, even if they fall outside the purview of existing laws.

The Gelephu Mindfulness City (GMC) project, for instance, is a prime example of where the private sector’s involvement is crucial. This ambitious vision requires not just financial investment but also expertise and innovation from the private sector.

For the GMC to kickstart, the private sector must be prepared to participate actively and shoulder bigger responsibilities. This preparation involves gaining the necessary experience and capabilities to contribute meaningfully to the project.

For the private sector, a supportive regulatory environment and access to opportunities like the GMC can unlock unprecedented growth potential. The road ahead is not without challenges, but as the saying goes, big changes begin with small steps.

The BCCI’s initiative is a step in the right direction. By fostering a spirit of collaboration and mutual respect, we can build a future where both the government and the private sector work hand in hand to achieve shared national goals.

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