Indian Businesses Eye Bhutan for Investment Opportunities

In a significant move towards bolstering economic ties, a delegation of 28 prominent members from the Indian Chamber of Commerce (ICC) engaged in fruitful discussions with Bhutanese counterparts on Tuesday. The meeting, hosted by the Bhutan Chamber of Commerce and Industry (BCCI), highlighted various avenues for expanding bilateral trade and investment, with particular focus on the Gelephu Mindfulness City and the establishment of data centers in Bhutan.

Diverse sectors including real estate, media, horticulture, healthcare, education, and food processing were represented among the Indian delegation, underscoring the breadth of interests looking towards Bhutan. ICC President Ameya Prabhu expressed keen interest in leveraging Bhutan’s strengths, particularly its abundant hydro-electricity and favorable climatic conditions, ideal for setting up data centers.

“Mumbai, where I’m based, experiences intense heat. Bhutan’s cooler climate and its integration into India’s optical fiber network present unique opportunities,” remarked Prabhu during the discussions.

Bhutanese business owners articulated their desire for better connectivity with Indian counterparts to facilitate smoother trade operations. Ugen Tsechup Dorji, chairman of Singye Group and Zimdra Industries Pvt. Ltd., emphasized the need for a reliable point of contact in India and proposed collaboration through sharing membership lists between ICC and Bhutanese traders.

“We trust the ICC members as credible partners for trading, manufacturing, and services. Establishing these connections will not only boost economic exchanges but also foster consultancy opportunities,” Dorji stated.

Highlighting India’s substantial role in Bhutan’s Foreign Direct Investment (FDI), which currently constitutes nearly half of all incoming investments, ICC President Prabhu reaffirmed India’s commitment to broadening its investment horizon, particularly through projects like the Gelephu Mindfulness City.

The BCCI President, Tandy Wangchuk, outlined forthcoming strategies to further strengthen economic cooperation, including inviting more Indian delegations to explore investment prospects in Bhutan. Wangchuk also noted proposals from international firms, including a Swiss entity, demonstrating growing global interest in Bhutan’s economic landscape.

“As we aim to elevate Bhutan to a high-income country in the coming decade, collaborations with organizations like ICC are pivotal. Their support and expertise will be instrumental in achieving our economic aspirations,” Wangchuk emphasized.

Moving forward, both sides agreed to continue dialogue to address existing trade challenges and explore new avenues for mutual growth. With plans underway to facilitate more delegations and foster deeper economic partnerships, the future looks promising for enhanced economic ties between India and Bhutan.

Related Posts