Opportunities and challenges in doing business with India
The programme on opportunities and challenges in doing business with India organized by the Embassy of India in Thimphu last Tuesday . The representatives from Bhutan Chamber of Commerce and Industry and officials of Public Sector undertaking including banks, hydropower projects & the media journalists participated in the event.
Speaking during the event the interim president of Bhutan Chamber of Commerce and Industry Chen Chen Dorji share his views about the opportunities and chal- lenges faced while doing business with India. The main aim of the event is to reach out business community in Bhutan which will focus mainly on issues like current economic scenario in India where the Indian economy is growing faster than China and the current Gross Domestic Product (GDP) expected from 7-7.5% in 20162017. Opportunities for Bhutanese business people in India till now Bhutan had free trade with India which will make our country interdependent rather than a dependent country because Bhutan import more and export less.
Recent initiatives and programmes of Government of India where the Embassy of India said that Bhutan and India has heart and mind relation whatever we have in Bhutan are from India and which Indian doesn’t have are from Bhutan whether be it a hydro, solar and natural things, that’s why the trade within SAARC region is only 4-5% which will get dependent and for mutual benefits.
Challenges faced by the Bhutanese traders in the Indian market which is marked by Dasho Penjor the Governor of Central Bank mentioned that our currency Ngultrum started in 1974 and within a short period of time in early 2015 the challenges of Rupee shortage which embarked the Bhutanese traders. The problem by giving 7% interest to get goods from Indian dealers but with the advancement of technologies the central bank had established a Indian currency counters. The counters will provide India currency and resolve all the problems relating so that the Bhutanese traders will not face the same problem in the near future and the office will ensure that they will have enough Indian currency.
Damchae Dem the president of the Women Association of Bhutanese Entrepreneur (BAWE) said that doing business requires hard work, patience and interest. And doing business with India is not an exception and she shared how she made all the efforts to penetrate through all the obstacles to become a successful business women.
The Indian Ambassador to Bhutan Jaideep Sarkar was the chief guest at the ceremony and Ugen Tsechup Dorji the vice president of Singye Groups of Companies was also present during the event.