In a highly anticipated Facebook session held Live, the Prime Minister (PM) Dasho Dr Lotay Tshering shared his insights on the way forward for the private sector and its development. PM emphasized on the importance of collaboration between the government and the private sector, stating that both entities play a vital role in fostering growth.
To nurture the private sector, PM stressed on the need for policies and plans that are conducive to private sector growth. He highlighted the government’s responsibility in supporting private enterprises, alongside the Royal Monetary Authority of Bhutan (RMA). PM revealed that ongoing dialogues between the government and private sector representatives have already led to the resolution of numerous challenges faced by businesses.
A major step towards easing the burdens on businesses comes from the Ministry of Industry, Commerce, and Employment. The ministry is diligently drafting an Act to streamline procedures and remove restrictions faced by the private sector. The introduction of a one-window clearance service is also in the works to expedite processes and enhance efficiency.
One of the crucial aspects discussed during the session was access to credit. The government is actively engaging with RMA to tackle the difficulties businesses encounter when seeking credit, acknowledging the significance of smooth credit availability for sustained growth.
PM also shed light on Bhutan’s economic roadmap. While the 13th Five-Year Plan is nearing completion, it sets its sights on a broader goal— transition to a high-income group within a decade.
During the session, PM also revealed plans for overhauling the export and import systems, as well as the attraction of Foreign Direct Investments.