Business community, especially the manufacturing and agriculture sector should look beyond the problem of Rupee crunch in the country. In fact, they should take it as an opportunity to add value to their existing system. They should work towards bringing in more foreign exchanges in the country and attain economic self reliance.
This was one of the many messages that Economic Affairs and the Finance Ministers had to convey during their meeting with the businessmen in Phuentsholing yesterday.
The Economic Affairs Minister, Khandu Wangchuk, said that the government is working towards rendering support for the development of import substitution manufacturing industries. They are currently working on a policy paper for boosting the industrial development in the country. The paper will be presented to the government by the end of this month. The policy paper, for instance, will look at issues like improving service delivery for environment clearance, taxes and more.
“When there is more import than export, situation like this arise. To completely resolve such situation, we have to develop industrial and agricultural sector and produce basic commodities. We will have to first produce goods for domestic consumption and then export the remaining,” said the Minister.
According to Phub Tshering, the Secretary General of Bhutan Chamber of Commerce and Industry, BCCI, the situation has opened doors for small and medium industries to come up. BCCI is also working with the Royal Monetary Authority and looking at loans schemes specifically for rural enterprises and agricultural sector.
Upon asking when the situation will be stabilised, Lyonpo Khandu Wangchuk said until the time when the Bhutanese economy’s import would equal its export, such situation will arise but with varying degrees. Lyonpo, however, assured that with various short, medium and long term plans of the government, in the next five to six years Bhutan will be able to resolve this issue.
A large team of Indian businessmen is also expected to be in the country sometime in April. They will be here for investment and infrastructure study for setting up their businesses in Bhutan.
