Describing Bhutan as one of the fastest growing economies in the world, its Prime Minister Tshering Tobgay today asked Indian industry leaders to tap the business potential that the land-locked nation offers across sectors, especially IT and infrastructure.
"There are about 14 Indian companies with investments in Bhutan. We are extremely keen to attract more investments from India and...FDI regulations have been made more conducive to Indian investors by permitting investment in rupees as well as allowing for majority shareholding by Indian investors," he said.
The Bhutanese Prime Minister was addressing members of chambers including CII and Ficci at a luncheon meeting here.
"We have had robust GDP growth with an average growth of 8 per cent in the last four years and the IMF had dubbed Bhutan as the fourth fastest growing economy in the world in 2012," Tobgay said.
He added that his government has adopted a number of policies like the economic development policy, fiscal incentives, FDI policy and framework for private participation in infrastructure to attract investments.
"...Hydropower has emerged as the major industry. We have a number of mineral-based industries manufacturing a wide range of products such as cement. Among others, high priority is accorded to education, health, hospitality, IT, financial services and infrastructure development," he said.
The bilateral trade between the two countries stood at a meagre USD 397.22 million in 2012-13, as against USD 432.4 million in the previous fiscal.
India's main exports to Bhutan include petroleum products, automobiles, machinery and agri products while imports include power, minerals, wooden products and fresh fruits.
