PM extends invitation to investors from Singapore and US

PM extends invitation to investors from Singapore and US

While embarking on a three-day working visit to Singapore and to New York in September, the Prime Minister (PM), Dasho Tshering Tobgay met with officials from financial corporations and leading business figures. The PM focused on investment opportunities and enhancing private sector development, mainly about Gelephu Mindfulness City (GMC), while soliciting them to invest in Bhutan.

During meet-the-press on 11 October, Lyonchhoen shared that he contacted with capable Foreign Direct Investment (FDI) investors. The PM also met with Singapore’s President, Tharman Shanmugaratnam at the Istana Presidential Office.  Lyonchhoen also met with Singapore’s Foreign Minister, Dr. Vivian Balakrishnan.

During the meetings, the PM conveyed warm greetings from His Majesty the King and expressed appreciation to the Government of Singapore for their gracious welcome and hospitality. He emphasized the shared values between the two nations and noted that Bhutan draws significant inspiration from Singapore, a fellow small state that stands as an exemplary model for economic advancement and social welfare.

The PM attributed Singapore’s extraordinary success to the visionary leadership of its founding father, the late Lee Kuan Yew, as well as the leadership that followed, and acknowledged the resilience and professionalism of the Singaporean people.

Their discussions covered a broad range of topics, including investment opportunities in the GMC and potential collaborations in human resource development, public sector reforms, and tourism promotion.

During the 11th Annual Asia Summit organized by the Milken Institute in Singapore, Dasho Tshering Tobgay engaged in discussion with Milken Asia Fellow, Ambassador Curtis S. Chin. He shared Bhutan’s economic initiatives, efforts to create opportunities for youth, and the promotion of knowledge exchange among neighboring countries.

The PM held discussions with prominent business leaders, including Vineet Rai, Founder of Aavishkar and Intellecap, Melissa Ong, Vice President of Business Development at Mojo Pte Ltd. and COMO Hotels and Resorts, and Cindy Vuu, CEO of Biti’s Vietnam.

On the sidelines of the 79th United Nations General Assembly (UNGA) in New York, the PM held a bilateral meeting with the Prime Minister of Nepal, H.E. Mr. K.P. Sharma Oli. The PM also conveyed his eagerness to collaborate closely to further strengthen the bilateral relationship between Bhutan and Nepal in all areas of mutual interest. The two leaders also discussed strengthening cooperation in key areas, including tourism and trade.

One the sidelines, the PM participated in a series of high-level bilateral and multilateral meetings with global leaders and representatives, including the President of Mongolia, the Prime Minister of Nepal, the Senior Climate Advisor to the U.S. President, and the U.S. Deputy Secretary of State for Management and Resources, as well as senior officials from the World Bank, Food and Agriculture Organization, United Nations Development Programme, Global Environment Facility, Green Climate Fund, Climate Vulnerable Forum, U.S. International Development Finance Corporation, and the World Economic Forum. The discussions focused on enhancing cooperation in critical areas such as climate action, regional development, education, green energy, and sustainable growth. These engagements led to renewed commitments from various partners to support Bhutan’s development goals and to explore new opportunities for collaboration, particularly in the fields of renewable energy and sustainable infrastructure.

The PM participated in several significant forums, starting with his address at the UN Summit of the Future, where he emphasized Bhutan’s development goals and the significance of the “Pact for the Future” in achieving Sustainable Development Goals.

At the High-Level Reception for “Leveraging Ambition for 30×30 and Beyond,” he reaffirmed Bhutan’s strong commitment to global biodiversity conservation and the nation’s leadership in environmental stewardship. During his speech at the SDG Media Zone, he advocated for the use of broader indicators beyond GDP to assess overall well-being and development. In his address at the UN General Debate, the Prime Minister reflected on Bhutan’s transformation from one of the world’s least developed countries to its recent graduation, while urging increased support for other LDCs and advocating for UN reforms to better align with contemporary global challenges.

Though numbers and committed amounts could not be confirmed, Lyonchhoen said that he had extended invitation to FDI investors and representatives.

By Sangay Rabten, Thimphu