The Ministry of Industry, Commerce and Employment is reviewing the Foreign Direct Investment Policy 2019 to achieve the government’s ambitious target to generate a Nu 500bn in foreign direct investments. Minister Namgyal Dorji during yesterday’s ‘Meet the Press’ session said that the target was revised from 100 billion set by the former government. According to the Industry, Commerce and Employment Minister, Namgyal Dorji, the ministry will consult the private sector before the revised FDI policy is submitted to the Cabinet.
The policy will also go through the Economic Development Board, which is led by the prime minister, before Cabinet endorsement.
The minister added that the revised policy will investment issues like foreign exchange, payment gateway, and immigration-related provisions.
Additionally, the priority sectors where FDI is being promoted are also being reviewed.
“Currently our FDI is mostly agro-based, forest-based, education, training, IT services, services in hospitality and tourism area, and mineral-based. So, these are the existing ones and we are also discussing expanding some more investment areas, which are under deliberation and which will be in the detailed report.”
The minister said that the upcoming revision intends to stimulate economic growth, generate employment opportunities, attract capital and technology inflow, and increase foreign exchange reserves.
Additionally, to attract foreign direct investments, the ministry is also developing a web portal.
“A portal is being developed that will soon be launched. And then, that will carry all the information needed for an investor on what is required to invest in Bhutan. And we also have a proposal, which has been submitted to the Cabinet for our membership to the World Association of Investment Promotion Agency, which is seen and promoted as a global reference point for FDI.”
The World Association of Investment Promotion Agency is an international organisation that supports, gathers, and connects worldwide investment promotion agencies to cooperate and share their experiences and expertise.
Singye Dema
Edited by Sherub Dorji
