The economic development policy with 252 provisions for growth and investments
Staff Reporter T he Economic Development Policy (EDP) outlines the economic roadmap of the country and highlights priority sectors for growth and investments. As the apex policy for 7 years, with the objective of assessing achievements and challenges and towards keeping the objective of assessing achievements and challenges and towards keeping the Policy dynamic and relevant to emerging economic realities, the Royal Government initiated the review of the policy in mid 2015.
As per the press release from the Ministry of economic affairs the policy had followed extensive consultations with stakeholders including the private sector during the last one half years, the Royal Government have approved the EDP 2017 during the 120th session of the Lhengye Zhungt- shog held on December 21, 2016.
The EDP 2017has a total of 252 Policy provisions and provides the overall enabling environment to continue creating a transparent and conducive environment for business and investment in the Bhutanese economy. Several “games changers” have been identified throughout the policy which will form parts of the reform agenda. Further, emphasis is also provided to prioritize the Five Jewels (Hydropower, Tourism, CSIs, Mining and Agriculture), enhance productivity and reduce administrative burden for businesses, diversify exports, enhance productivity and progress towards being a knowledge based and self reliant society. Learning form experience, the EDP will assign specific timelines and accountability on agencies on the implementation of the Policy and a monitoring and reporting system will be institutionalized.
“The policy will officially be launched by Hon’ble Prime Minister sometime during the end of January. Based on EDP 2017, the Ministry of Finance and Ministry of Economic Affairs will formulate the fiscal incentives which are also expected to be launched shortly” the press release states.