WTO accession, infrastructure and simpler rules coming up

Lyonpo Karma Dorji talking about private sector development said the government spent Nu 75 mn at Pasakha, Nu 75 mn at Bjimena, Nu 442 mn at Dhamdum, Nu 730 mn at Jigmeling and Nu 689 mn at Motanga.”

However, they are not able to start given their own challenges. They are also exploring additional new areas in Samtse with 226 acres and 300 acres respectively.

Since most of the industry in manufacturing are export oriented, the recent transit agreement was signed with Bangladesh, he added.

For more access to market, Lyonpo said, they have a preferential trade agreement with India and Bangladesh and are also working on to sign an agreement with Thailand and Nepal soon.

Meanwhile, they are also working on accession to WTO to gain market access to 168 WTO member countries. Bhutan is already doing trade with 105 countries. Bhutan needs to meet the standard to export the goods whereby they made a huge investment with Nu 100 mn.

For an ease of business, they are also coming out with an Integrated Business Licensing System (IBLS) by June.

Many rules and guidelines for trade and industry are brought under one as trade and Industry Rules and regulations and is being reviewed for clarity and predictability.

They are also reviewing FDI policy and developing FDI strategies keeping in mind WTO accession. Department of Industry is working on Industry transformation.

Lyonpo said that the upcoming rail link in Gelephu and international airport will help the industry and fiscal incentives are already being given.

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