Bhutan seeks investments from India in various sectors

NEW DELHI: Bhutan seeks investments from India in different sectors such as infrastructure, power, education, healthcare, IT and financial services to further enhance economic ties between the two countries.

"We are keen to attract more investments from India. We provide huge opportunities. India is permitted to invest in Indian currency. Our foreign direct investment policy is friendly for them," Bhutan's Prime Minister Lyonchhen Tshering Tobgay today said here while addressing Indian industry chambers - CII, Ficci and Assocham - during a luncheon meeting.

Tobgay said India continues to be the largest trading partner of Bhutan.

"Hydro power has emerged as a major industry. Today, we have a number of mineral based industries like cement. Other sectors for cooperation include education, healthcare, tourism, IT and financial services," he added.

The newly-elected Prime Minister was on his maiden visit to India since assuming office last month.

He said already several Indian companies, including Tata Power, Punjab National Bank and General Insurance Corporation, have invested in Bhutan.

Tobgay said infrastructure development holds tremendous opportunity and that includes setting up of special economic zones, dry ports and industrial townships in Public-Private-Partnership mode.

"I would urge Ficci, CII and Assocham to engage with Bhutan Chamber of Commerce and explore more business opportunities," he said.

Speaking at the occasion, Commerce and Industry Minister Anand Sharma said the bilateral trade between the countries is well below potential.

"Huge business opportunities are there in Bhutan for Indians. Huge potential is there in hydro power sector. Other areas where India has expertise include IT and telecom besides skill training and human resource development," Sharma 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.