Bhutan Economic Forum for Innovative Transformation Conference Held To Boost Cottage & Small Industries

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The Bhutan Economic Forum for Innovative Transformation Conference was held from 16-18 July in Thimphu.

(Source: Facebook/Royal Institute for Governance and Strategic Studies)

 

By Samten Dolkar/Sonam Pem/Pema TshewangBBS

To drive Bhutan’s Economic diversification by catalysing the sector of Cottage and Small Industries (CSIs), the Royal Monetary Authority (RMA) and the Royal Institute for Governance and Strategic Studies (RIGSS) organised its second international conference - Bhutan Economic Forum for Innovative Transformation (BEFIT) from 16-18 July in Thimphu.

 

Source: Facebook/Royal Institute for Governance and Strategic Studies

 

More about ‘BEFIT 2019’

The three-day conference aims to create a potential area of partnership between Bhutan’s cottage and small industries with foreign investors.

‘BEFIT 2019’ is designed and developed to strengthen and expand Bhutan’s CSIs by instituting policy reforms and addressing various challenges faced by the sector.

Why is the development of the Cottage and Small Industries sector important for Bhutan?

The CSI sector is key to economic diversification. It also helps to boost economic activities in the villages and local communities.

 

 Photo: Facebook/Royal Institute for Governance and Strategic Studies

 

"CSIs have the potential to address one of the most crucial economic challenges related to youth unemployment which stands at 15 % today. Being a small country, largely based on natural resources, agriculture and forest, CSIs also have immense potential to expand the production base and contribute to exports if the ecosystem is strengthened,” said Dasho Penjore the Governor of RMA.

He added that elements such an entrepreneurial culture, innovation and technology should be nurtured.

Photo: Facebook/Royal Institute for Governance and Strategic Studies

 

Moreover, to boost the CSI ecosystem, it is crucial to enhance market access to finance while mitigating risks at the same time.

National e-marketplace ‘Bhutanmade.com’ launched

Coinciding with the conference, a government-led national e-marketplace called ‘Bhutanmade.com’ was also launched.

 

Photo: Bhutanmade.com

 

The portal will let Bhutanese producers and sellers showcase their ‘Made in Bhutan’ products in international markets for sale.

Aligning with the theme of ‘BEFIT 2019’, the portal also aims to nurture an entrepreneurial culture through innovative technology and enhance market access for the cottage and small industries of Bhutan.

The conference also hosted the national CSI expo where 52 entrepreneurs took part. The expo provided a networking platform to link entrepreneurs with potential investors, markets and technology partners.

 

This article first appeared in BBS and has been edited for Daily Bhutan.

 


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