MoEA highlights private sector development and economic diversification in its APA

Economic Affairs Minister, Lyonpo Loknath Sharma, signed the Annual Performance Agreement (APA) with the Prime Minister (PM) on 21st  August.  The ministry is set to focus on the private sector development and economic diversification this fiscal year as its topmost priorities.

PM said that through the two listed priorities, the target must be to tackle youth unemployment as the main focus. Adding that, “Private sector of today do not have confidence in the government because there is no clear cut policy for the private sector to hold on to. The government should provide a way-forward to the private sector as to what should be the line of their investment in the next 15-20 years.”

Lyonchhen Dr Lotay Tshering said he has suggested to Lyonpo Loknath Sharma that there should be a desk or office to advice the private sector .

“If such assistance is provided from here, I am sure the private sector will be excited. The ministry will work on implementing and planning new policies as well as revisit the existing policies to boost country’s economy and hold discussions and meetings with relevant agencies and stakeholders to boost the private sectors as well.

In terms of economic diversification, CSI flagship is also included whereupon targeting rural communities will be the main focus,” said Lyonchhen.

Lyonchhen said the first thing that comes to his mind as soon as hears about economic diversification is that of agriculture.

Lyonchhen also stated, ‘’From next year, I am trying to go a little further and see whether we can declare a month as ‘Annual Performance Agreement (APA) month’ where this agreement and negotiation will precede budget approval so that once the activity is prioritized and agreed upon the activity, we can ask for budget from finance ministry because if the activity is not prioritized from here only, the agency cannot expect any budget approval on that. This should probably give us more dynamism in this APA system.”

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