To foster economic development and empower local entrepreneurs, the Bhutan Tendrel Party has announced an ambitious plan aimed at propelling the growth of Cottage and Small Industries (CSIs) and startups. Recognizing the pivotal role of mentorship, access to finance, and a conducive business environment, the party is set to implement a series of transformative measures.

Key Initiatives/ pledges:

1. Facilitator Mindset Adoption: The party pledges to champion a facilitator mindset across all agencies, adopting the “facilitate first and regulate later” policy after a 5-year grace period.
2. Streamlined Approvals and Regulations: Fast-tracking, relaxing, and streamlining all business approvals, permits, clearances, and regulations to eliminate unnecessary bureaucracy.
3. Support for Sector Associations: Commitment to support and strengthen sector associations, integrating them into national economic decision-making processes.
4. Simplified Tax System: Initiating a simplified tax system and filing procedures specifically tailored to ease the burden on Cottage and Small Industries.
5. Policy Stability: Ensuring stability and consistency in policies and legislations to provide a conducive and predictable environment for businesses.
6. Promoting Domestic Production: Targeted support for CSIs and export-led industries, including construction materials, mineral products, fast-moving consumable goods, agriculture, and livestock products.
7. Bhutan First Policy: Adoption of a “Bhutan First Policy” to prioritize locally manufactured goods over imports, promoting self-reliance and boosting domestic industries.
8. Financial Sector Reforms: Initiating comprehensive financial sector reforms with a focus on easy access to finance, productive sector loans, fund management, capital markets, and a robust international payment gateway.
9. Concessional Interest Rates: Reduction of interest rates for loans from financial institutions in consultation with the Royal Monetary Authority (RMA).
10. Startup Support: Introduction of startup loans and extension of a group loan scheme at concessional rates through the injection of capital into development banks.
11. Priority Sector Loans: Initiation of Priority Sector Loans at concessional interest rates to further stimulate growth in crucial sectors.
12. Fiscal Incentives: Review of fiscal incentive policies to attract private investment and encourage the establishment of new businesses.
13. Tax Holidays for Startups: Strengthening the provision of tax holidays for startups, extending the benefit for up to 5 years.
14. Agricultural Empowerment: Facilitation of youth, cooperatives, farmer groups, and retirees to engage in commercial farming and agro-livestock entrepreneurship.
15. Infrastructure Development: Upscaling existing food analysis laboratories, constructing cold storage and logistics facilities, and warehouses strategically to support the agricultural sector.
16. Cold Chain Facilities: Introducing cold chain facilities, including mini cold storage and refrigerated trucks, for youth and farmer cooperative groups to enhance the efficient delivery of goods to the market.
17. Information System Enhancement: Establishing a robust information system to improve access to information among relevant agencies for better coordination and informed decision-making.
18. Online Trading Facilitation: Promoting online trading of agricultural commodities by setting up essential infrastructures and networks in collaboration with relevant agencies.
19. Gig Economy Support: Facilitating the gig economy by improving access to digital infrastructure and payment options.

The Bhutan Tendrel Party’s comprehensive plan reflects a commitment to fostering a vibrant entrepreneurial ecosystem, unlocking the potential of Cottage and Small Industries, and propelling Bhutan towards sustainable economic growth.

By Kinley Yonten