During Friday’s Meet the Press session, the industry, commerce, and employment minister outlined a series of initiatives to support the growth of the country’s private sector. In response to a question about boosting the stagnant private sector, he explained that the government is actively working to address key challenges, including access to finance, regulatory obstacles, and human resource shortages.
Namgyal Dorji, the minister spoke about the private sector’s reliance on banks for financial support and said the government is exploring alternative funding sources. He also talked about how, as part of the Economic Stimulus Programme, concessional loans are available for small and medium industries, while re-invigoration funds target larger industries recovering from the pandemic.
“To address challenges with regulatory environment, the government conducted a comprehensive review of business regulations. The findings are now under discussion, and we are identifying practical and effective solutions to overcome these challenges.”
The minister said the government is supporting startups to aid their growth. He also said initiatives are taken to address the shortage of skilled workers in technical and specialised fields.
“Our country is in need of technical and specialised skills. Currently, many of these positions are filled by individuals from other countries. However, the Ministry of Industry, Commerce and Employment, along with the Ministry of Education and Skills Development, has engaged with training centres nationwide and developed plans to address this gap.”
The minister pointed out a “missing link” between technical training and employment, which the government is working to bridge.
He also said that international organisations such as the World Bank are supporting Bhutan’s private sector. He urged the private sector to take an active role, saying that while the government is providing support, businesses must contribute to their own growth.
Karma Samten Wangda
Edited by Kipchu
