A recent meeting between the People’s Democratic Party (PDP) and a group of enthusiastic entrepreneurs shed light on the immense potential of Bhutan’s youth-led businesses and their significant role in shaping the nation’s economy. PDP President, Dasho Tshering Tobgay, expressed admiration for the entrepreneurial energy displayed by the young businessmen and women, emphasizing that with adequate support, the Cottage and Small Industry (CSI) sector could become the bedrock of Bhutan’s economic prosperity.
President Tobgay lauded the hardworking, innovative, and resilient spirit of the country’s young entrepreneurs, acknowledging their potential to drive economic growth and create employment opportunities.
During the meeting, the entrepreneurs and the PDP discussed several key factors that could facilitate the growth of Bhutan’s entrepreneurial landscape.
President Dasho Tshering Tobgay emphasized the importance of creating an enabling environment for business growth. He stated that getting rid of red tape and unnecessary regulations would pave the way for entrepreneurs to seize economic opportunities and unleash their full potential.
Furthermore, the PDP President highlighted the significance of meaningful financial support to help startups and CSI thrive. He underscored the government’s commitment to providing assistance that would empower the entrepreneurial community.
Entrepreneurs passionately voiced their concern over the lack of quality standardization and certification of Bhutanese products at par with international standards, particularly those accepted in Singapore and Southeast Asian markets, such as China, Japan, Singapore, and Australia. They stressed that this was crucial for unlocking access to global markets and expanding the reach of Bhutanese goods beyond national borders.
The entrepreneurs expressed that the government’s attention to this matter would be a game-changer for Bhutan’s economy, offering a pathway to position “Brand Bhutan” as a symbol of quality and excellence worldwide.
Entrepreneurs urged the political parties who will going to be a next government to extend fiscal incentives and tax exemptions for a minimum of five years after the start of production. This extension would provide businesses with a stable and supportive environment to thrive, especially during their initial years.
The PDP recognized the significance of these incentives in fostering a conducive business climate and assured the entrepreneurs of their efforts to retain the benefits for an extended period.
To effectively market Bhutanese products worldwide, entrepreneurs stressed the need for E-commerce and physical shops that showcase and sell locally-made goods. However, they emphasized that this could only be achieved after standardization and certification of each product for each target market.
The PDP expressed its commitment to assisting entrepreneurs in the marketing of Bhutanese products globally. They acknowledged the importance of promoting Bhutanese craftsmanship and culture on international platforms.
Entrepreneurs raised concerns about the bureaucratic hurdles faced while carrying out CSI-related activities. They proposed implementing a single window clearance system to streamline the process and facilitate socially responsible initiatives.
The PDP vowed to simplify the clearance process, allowing businesses to contribute effectively to social and environmental causes without unnecessary delays.
meanwhile, the meeting between the PDP and the group of entrepreneurs marked a significant step towards unlocking international markets for Bhutanese products. By addressing the entrepreneurs’ concerns and working collaboratively, the government seeks to create a conducive environment for local businesses to flourish, showcase the richness of Bhutanese products on the global stage, and bolster the nation’s economy.
By Kinley Yonten
