Economic Minister Lyonpo Loknath Sharma

MoEA looks forward to roll out robust economic activities in 2019

According to the economic minister Lyonpo Loknath Sharma, the Ministry of Economic Affairs (MoEA) looks forward for the successful review of some of the policies and acts that are in need of revision. The minister said that the government plans to complete most of the policy related works within the year 2019 so as to maximize efficiency and ensure greater results in the coming years.

The Foreign Direct Investment (FDI) policy is one such policy that will be reviewed in 2019. Lyonpo Loknath Sharma said that the FDI policy needs to be revised to make it more dynamic and create conducive environment to attract more foreign investors in the country. Tourism policy will also be reviewed.

Apart from policy review, the year 2019 will also witness commissioning of the Mangdechhu Hydroelectric Project, and the Kholongchhu project which has been on hold due to issues concerning India’s cross border trade of electricity (CBTE) will also see progress now that India has revised the guidelines. Moreover, the year will also see major follow-up works on the 2560MW Sunkosh hydropower project.

The country’s four upcoming major industrial parks- Jigmeling Industrial Park in Sarpang, Dhamdum Industrial Park in Samtse, Motanga Industrial Park in Samdrupjongkhar, and Bondeyma Industrial Park in Monggar are expected to be complete within the 12th FYP. Of the four, the economic minister said that Dhamdum Industrial Park will be operational in 2019 where businesses will be set up. “We will also be following up closely on the progress of other three industrial parks.”

The other focus of the ministry for the next year which is just few days away will also be giving importance to the private sector development committee to strengthen and diversify the economy.

The parts of country without power supply are also expected to be electrified in 2019. The MoEA also plans to explore better ways for cardamom export and focus on economic diversification.

The ministry and the government are also looking forward to host the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) submit in 2019. Bhutan and Austria will also be celebrating 30 years of bilateral relationship between the two countries and the government will look into further strengthening economic cooperation between the two countries.

The mini dry port in Phuntsholing, which will house more than 45 trucks and have customs clearance for imports and exports, is expected to be operational by the year 2019. The minister said that although the plans are tentative, achieving a modest economic growth for the country is the goal of the government after taking into consideration all the complexities surrounding the Bhutanese economy. “We look forward to working with our stakeholders and we look forward to achieving the best in 2019,” said Lyonpo Loknath.

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