Bhutan building economy to retain youth, attract global investors: Minister

Guwahati, Feb 25 (PTI) Bhutan minister Younten Phuntsho on Tuesday said that the Himalayan nation was working on building an economy that retains its youth within the country and also attracts global investment.

He also underscored the role of India, particularly the state of Assam with which it shares over 260-km-long border, in the development of his country.

Speaking at a session on advancing India-Bhutan economic partnership at the Advantage Assam 2.0 business summit, Phuntsho said, "It was in December 2023 that we graduated from the UN list of least developed country. We are now a lower middle-income country. And with progress comes new challenges." A challenge Bhutan is now facing is its youth leaving the country for employment opportunities, as the free education policy has created a pool of qualified human resource, he said.

"Now we want to change the narrative. We are building an economy that will retain the youth and also attract global investors," the Minister for Agriculture and Livestock added.

Mentioning the Gelephu Mindfulness City (GMC) project, he invited policymakers and investors to be involved in it.

Phuntsho also dwelt on the historical ties between Bhutan and India, particularly the close relations with Assam given the geographical proximity.

"India is our largest trading partner and Assam has a special role to play," he added, while mentioning the multi-modal logistics park at Jogighopa in the bordering state.

He recalled his visits to Assam as a child with his grandfather during vacations to meet relatives and acquaintances.

"More than the fact that there was no school during vacations, I looked forward to the break so that I could visit Assam and enjoy the hospitality here," he added.

Special envoy of the king to India for GMC, Jonatan Tow, who was also present at the session, said Bhutan is developing the project as a Special Administrative Region (SAR) rather than a Special Economic Zone (SEZ).

It is being developed as a SAR as it helps address legal issues and provides greater autonomy, he said.

The airport being built as part of GMC will be greatly beneficial for the entire region, including Assam, he maintained.

Tow said he had held a meeting with officials of Assam on areas of cooperation between the two sides on the GMC project.

A presentation on the GMC was made during the session by officials of the neighbouring country. PTI SSG SSG ACD

Source: PTI