434 jobs created by 304 project approved by BOiC

The Business Opportunity and Information Centre (BOiC) has helped create a total of 434 jobs with the approval of 304 projects. After just 76 days in operation, BOiC received 933 applications amounting to Nu 1.3bn.

According to the Public Relations and Media Officer, BOiC, Sonam Choden, said 304 projects proposals amounting to Nu 83mn has been approved, of which 288 projects are for non-formal rural activities under revolving fund II (RFII) and 16 cottage and small manufacturing and production projects under revolving  fund I (RFI). She said maximum number of projects approved is from Paro (25%) and Trashiyangtse (21%).

She also said that BOiC has so far received 39 percent of the applications from the western dzongkhags, which includes Haa, Punakha, Wangdi, Gasa and Thimphu. The eastern region with Lhuntse, Pemagatshel, Samdrupjongkhar, Tashigang, Tashiyangtse and Mongar is at 27 percent, followed by 18 percent from south, which includes Chukha, Samtse and Sarpang, and 17 percent from central dzongkhags, like Bumthang, Dagana, Tsirang, Tongsa and Zhemgang.

She said that the highest number of projects received is from Paro and the least from Gasa which stands at less than 1 percent.

According to BOiC, the number of project proposals declined till date is 232 due to incomplete project proposal, poor credit information report of the project proponent, medium scale projects and not fulfilling the eligibility criteria of fund guidelines. The proposals for fund access under service sector were also declined.  Many project proposals did not meet any import substitution or export promotion criteria under the Economic Stimulus Plan Implementation Strategy Report. The promoters were encouraged and guided to re-submit proposals in conformity with the fund guidelines.

She said that the remaining applications are under process. The current ratio of employees to number of applications received is 1:111 and 1:119 for RFI & RFII respectively.

She also said the number of employment created under RFII is 288 and 146 under RF I. She added that BOiC will soon sign a MoU with Ministry of Labour & Human Resources to channel the employment opportunities.

According to BOiC, the agriculture sector constitutes 62.5 percent from the total number of projects approved by BOiC, followed by livestock sector at 35 percent, and 2.6 percent in manufacturing sector, so far.

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