The Bhutan Chamber of Commerce and Industry (BCCI) hosted a high level Swiss Economic Forum Delegation led by the President of Switzerland Global Enterprise (SGE) on August 28, 2024. During the event, the Minister for Ministry of Industry, Commerce and Employment (MoICE), Namgyal Dorji said that the Swiss business delegates have huge potential and opportunity to establish businesses in Bhutan as Bhutan aims to become a high-income country with gross domestic product (GDP) of USD 10 billion by 2034.
The Minister said, “I am delighted to have you all since you all have come in the right platform for the investment as Bhutan targets to increase foreign direct investments (FDI).”
The Minister said that the government has even revised the FDI policy for the smooth channels for the foreign investors and for the private sectors in the country.
In addition, the Minister said the Private sector has a huge space for its contribution in the nation building and that such networking session will help both the parties in the investment areas.
BCCI’s President, Tandy Wangchuk said, “The Chamber is very delighted to have the Swiss delegation and we are fully preoared to give necessary support to help bring this opportunity to a concrete outcome.”
Tandy said that with the Swiss delegation in the country, he hopes for more Swiss FDI in the country for greater deliver of the services and in strengthening the ties of both the country.
The delegation interacted with various stake holder including private sectors and government sectors from the country with an aim to establish business-to-business (b2b) networking relationships and to explore trade opportunities, investment opportunities, amongst others.
The delegation comprises of representatives from diverse sectors including Real-estate, finance and investment equity, furnishing and interior design, IT, Energy, Tourism, Food, Tech consulting, engineering, House and piping, wholesale stationary, wood processing, urban development, amongst others.
Meanwhile, the chamber has identified potential investment opportunities in Bhutan including tourism, renewable energy, agriculture and food processing, medicinal herbs, minerals, manufacturing industry, education and skills development, healthcare services, hydrogen, infrastructure development, and IT innovation, amongst others.
Similarly, the government of Bhutan aims for Nu 500 billion (B) worth of FDI projects in the next five years.
Bhutan had FDI worth Nu 48.61B as of last year, and Nu 43.62B and Nu 43.31B in 2022 and 2021 respectively, where the hotel sector had the highest number of FDI with 34.9%, followed by information technology sector with 21.7% in 2023.
Existing FDI projects in the country includes agro-based industry, forest-based sectors, hospitality sectors, education sectors, tourism sectors, and mineral-based industry, IT services, amongst others.
Meanwhile, the Swiss delegation marks the third group of Swiss business representatives to visit Bhutan where the delegation’s visit in the country started from August 26, 2024 and will end in August 30, 2024.
The delegation is expected to discuss the investment opportunities in the various fields including in manufacturing, rail ways, hydrogen, wholesales, tourism sectors, hotel sectors, amongst others.
By Sherab Dorji, Thimphu
