Mr. Chhime Tshering, Director General, Department of Industry, Ministry of Industry, Commerce, and Employment, participated at the special ministerial plenary at the BIMSTEC Business Summit in New Delhi, and shared Bhutan’s economic journey, its future aspirations, and the importance of regional cooperation.
Mr. Tshering began by conveying the greetings from the Honourable Minister of Industry, Commerce, and Employment (MoICE), who regretted his inability to attend due to pressing commitments. He expressed deep appreciation and gratitude on behalf of the Royal Government of Bhutan to the Confederation of Indian Industries (CII), the Government of India, and the BIMSTEC Secretariat for hosting this event.
“The broad aim of this summit—to discuss strategic integration for better trade and economic prospects and to create an open and favourable business ecosystem—is indeed relevant and timely,” Mr. Tshering emphasised. For a small, landlocked country like Bhutan, the summit’s discussions hold great promise for enhancing economic collaboration and integration.
Bhutan’s economy has seen a remarkable transformation, shifting from a predominantly agrarian base to a more diverse and modernised structure. This transformation has been driven by strategic policies, significant investments, and the support of development partners, especially the Government of India. These efforts have enabled Bhutan to capitalise on its strengths in key sectors such as hydropower and tourism.
“Our economy is showing signs of strong recovery, with an expected GDP growth of 4.6%,” Mr. Tshering noted. Looking ahead, Bhutan envisions a transformative journey towards becoming a high-income country within the next decade.
Mr. Tshering shared an exciting development: “We are pleased to announce that Bhutan has declared Gelephu in southern Bhutan to be developed as a special administrative region with a focus on mindfulness, sustainability, and harmony.” This special administrative zone aims to be the world’s first mindfulness city, where development and growth coexist harmoniously with nature, human values, and mindful living. Bhutan believes that economic openness, trade, and investment in infrastructure are crucial for enhancing connectivity and facilitating the seamless movement of goods and services.
Bhutan’s trade is highly concentrated, with India being its major trading partner, followed by Bangladesh. Despite this concentration, Bhutan remains optimistic about expanding trade with other BIMSTEC member countries through various initiatives such as the reduction of tariffs, harmonisation of customs and trade procedures, mutual recognition of standards and certificates of origin, and other trade promotion efforts.
Bhutan is committed to the establishment of a BIMSTEC Free Trade Area. “Since the start of negotiations, Bhutan has actively participated in meetings, discussions, and initiatives within this framework. We have consistently strived to fulfill our responsibilities, commitments, and obligations arising from the ongoing negotiations,” Mr. Tshering affirmed.
He believes that the Framework Agreement on the BIMSTEC Free Trade Area can serve as a valuable legal foundation, offering ready and predictable market access in the region. This agreement would promote healthy competition, leading to improved economic efficiency and the enhanced production of premium goods and services. Additionally, it would provide opportunities to diversify products and expand trade relations within the region.
In conclusion, Mr. Tshering reiterated Bhutan’s dedication to fostering economic growth, sustainable development, and regional cooperation. “We look forward to continued collaboration with BIMSTEC member countries to achieve our shared goals and aspirations,” he stated, highlighting the potential for strategic integration to pave the way for a brighter, more prosperous future for all member nations.
Through this summit, Bhutan hopes to build stronger economic ties and drive collective progress, leveraging the strengths and opportunities that each BIMSTEC member country brings to the table.
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