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Thupten Sangpo
The Bhutanese government launched the Invest in Bhutan portal in Thimphu on August 16, aiming to attract foreign direct investment (FDI) of 500 billion Ngultrum by 2029.
Available in over a hundred languages, the interactive portal aims to enhance the investment experience by providing comprehensive information on FDI opportunities and regulations in Bhutan.
As of last year, Bhutan’s foreign direct investment stood at 48.61 billion ngultrum, with the hotel sector leading the way at 34.9%, followed by information technology or IT-enabled services at 21.7% by 2023.
At the launch, Chhime Tshering, director-general of the Ministry of Industry, said the portal aims to provide the ultimate user experience while addressing current challenges faced by investors.
“This is an effort to attract foreign direct investment by improving the business environment. We remain hopeful that our modest efforts will bear fruit in attracting foreign investment.”
Minister of Industry, Commerce and Employment Namje Dorjee said funding was crucial for industrial development as the country had limited capital.
He added that the government is working to create an enabling environment supported by policies, programs and projects in order to achieve its ambitious foreign direct investment target of Ngultrum 500 billion by 2029. “We are confident that our aspirations will be realized.”
As the investment promotion agency, the Ministry of Industry is responsible for promoting Bhutan as an investment destination for FDI and is required to provide key information on FDI including areas of business opportunities where foreign investors can invest.
The Ministry of Industry said that although the FDI policy 2019 has identified a list of priority sectors, there is a lack of industry information related to these sectors on the basis of which investment decisions can be made.
“Investors also face issues such as getting complete information on FDI policies, processes and incentives, and connecting local partners with foreign partners and vice versa,” it added.
Developed with support from the Asian Development Bank, the portal showcases investment opportunities in various sectors including agriculture, IT and IT-enabled services, construction, animal husbandry, wood and furniture, and education and skills training, with a joint venture ratio of 74%.
In the production of wood-based panels, investments totalling Ngultrum 300 million are allowed in designated locations in Paro, Sarpan and Thimphu.
In the building material manufacturing plants, the investment limit is Ngultrum 50 million, with locations in Paro, Sarpan and Thimphu.
Setting up a software development company requires a foreign investment of up to N50 million. Incentives include skilled labor from local universities, tax holidays, and subsidized office space in IT parks.
The investment threshold for setting up smart learning and training centers is 100 million Ngultrum, with locations set to be in Paro, Punakha and Thimphu. Incentives include subsidized digital infrastructure, access to government education programs, and tax holidays.
In agriculture, there is an opportunity to start a fertilizer production plant at designated locations in Paro, Sarpan and Thimphu with an investment of Ngultrum 50 million.
There are also investment opportunities to set up rainbow trout farms in Haa, Paro and Punakha for an investment of Ngultrum 40 million. Incentives for this business include subsidies for fry and feed, market access and tax exemptions.
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