The Bhutanese Leading the way.
To address regulatory bottlenecks effectively, Ministry of Industry, Commerce, and Employment (MoICE) collaborated with the Voice for Green Change Partnership (V4GCP) Project, funded by the European Union, and the Bhutan Chamber of Commerce and Industry (BCCI).
Through stakeholder consultation, issue compilation, committee formation, and rigorous validation processes, about 235 issues were analyzed and validated.
Out of the 235 issues, 79% of these issues were raised by the private sector, 10% were identified by MoICE and 11% were resolved.
During the consultations with the private sector on reviewing the business regulatory process, the key domains of review were the general economic development policies, business regulatory process, policy process and private sector development.
The review process engaged both government and private sector stakeholders, ensuring comprehensive understanding and pragmatic solutions to challenges faced by businesses in Bhutan.
The Government’s Executive Order issued on January 29, 2024, instructed MoICE to assess Bhutan’s business regulatory processes.
The goal was to simplify regulatory frameworks and reduce compliance burdens in order to create a more favorable environment for business growth.
A committee, composed of representatives from various agencies and sectors, has been tasked with conducting this review.
The committee is expected to submitted its recommendations to the Prime Minister’s Office on March 1, 2024. This initiative aims to identify existing barriers to business development and provide practical solutions for improving the business climate in Bhutan.
The Ministry’s key objectives, outlined in the 13th Five-Year Plan (FYP), focus on enhancing the business ecosystem. These objectives include increasing private sector investment, improving client satisfaction scores, fostering startups, enhancing market access and efficiency, and boosting Foreign Direct Investment (FDI) and tourism contributions to GDP.
The review process engaged both government and private sector stakeholders, ensuring comprehensive understanding and pragmatic solutions to challenges faced by businesses in Bhutan.
The BCCI is waiting for the government’s response after the business regulatory process report was published.
