Almost 75% of three industrial parks have been completed
The Ministry of Economic Affairs (MoEA) will be focusing on the development of industrial parks as almost 75% of the works have been completed and around 20 industries will be fully operational this year.
This was highlighted during the Mid-term Review of the economic affairs ministry recently.
According to the ministry, the three industrial parks in Samtse, Sarpang, and Samdrup Jongkhar are almost complete. 14 industries have initiated construction, three industries are already in operation and most basic amenities are in place as of now.
The ministry has been engaged in developing the industrial parks in the past two and half years. These industrial parks are expected to boost the country’s economy and create employment opportunities.
Industrial parks including the Dhamdhum Industrial Park in Samtse and Jigmeling Industrial Estate in Gelephu have completed almost 75% of the development works such as basic amenities like electricity, water supply, and roads. Likewise, work progress is at 61% at the Motanga Industrial Park in Samdrup Jongkhar.
Economic Affairs Minister Loknath Sharma said that the ministry had focused on the development of the industrial parks.
“These industrial parks’ developments have to be a fast tracked,” he said.
He said the COVID-19 pandemic hampered most of the developmental works at the parks. Even though, the ministry is expecting to operate 20 industries at the industrial parks.
During the Mid-Term Review, the assessment of the programs and activities under the MoEA was presented with the ministry’s plan to diversify economic and enhance productivity.
The ministry got six programs which include to enhance growth the sector diversification, to promote export, use of alternative renewable energy, to enhance sustainable hydropower generation and transmission, to reduce and assess risk associated with geo-hazard, and to enhance public services delivery.
According to Lyonpo Loknath Sharma, the ministry would like to take forward the diversification of trading and diversification of product.
“Economic diversification means diversification of products, manufacturing production and it also means diversification of the market,” Lyonpo said.
He highlighted that besides the three industrial parks, which are underway, there are already two industrial parks in the country.
The ministry shared that the total initial outlay is Nu 3,355mn with 55 indicators. Of which, Nu 2118.75mn was allocated to enhance growth the sector diversification, Nu 110.25mn to promote export and Nu 116.50mn for use of alternative renewable energy programs.
In addition, Nu 177.50mn was allocated to enhance sustainable hydropower generation and transmission, Nu 44.79mn to reduce and assess risk associated with geo-hazard, and Nu 787.21mn to enhance public services delivery.
According to the ministry, the budget was revised to Nu 4,989.56mn, and with the 55 indicators the ministry has achieved 13, 39 are on track and three are at risk. However, the ministry is also underway to develop the Pasakha dry-port as a business infrastructure. The project costs around Nu 943.65mn, of which 30% of development works like retention walls, road and basic amenities have been completed.
Kinley Yonten from Thimphu