Guwahati: As part of the ongoing efforts to enhance economic ties between India and Bhutan, Chandra B. Chhetri, Secretary General of the Bhutan Chamber of Commerce & Industry (BCCI) attended the Export Promotional Meet organized by the Indian Chamber of Commerce on November 21, 2024.
The meeting provided a platform for both nations to explore deeper business cooperation, particularly in light of Bhutan’s close economic relationship with India, which constitutes 90% of its bilateral trade and foreign investments.
In his conversation with Pankhi Sarma of Business North East (BNE), Chandra B. Chhetri discussed the growing importance of regional cooperation, especially focusing on the Northeastern region.
Chandra B. Chhetri highlighted the immense potential for collaboration in sectors like tourism, agriculture, and renewable energy, driven by the shared geographical, cultural, and economic synergies between Bhutan and Northeast India.
He pointed out that fostering closer ties with this region could lead to significant growth opportunities for both sides, especially as they work together to address challenges - such as connectivity and logistical inefficiencies. Here are the excerpts from the interview:
Interview Q&A:
Business North East (BNE): As you attended the Expo Promotional Meet organized by the Indian Chamber of Commerce. This platform appears to be a critical step in strengthening regional cooperation. Could you share what specific plans or initiatives you aim to pursue through this event that could help deepen trade relations between India and Bhutan?
Chandra B. Chhetri: The trade relationship between India and Bhutan is already robust, with approximately 90% of Bhutan's bilateral and foreign investment strategies directly linked to India. This close economic interdependence is a testament to the strong foundation our nations share.
Events like the Export Promotional Meet serve as platforms to connect businesses from both countries. Through such interactions, our chamber members can establish direct relationships with their Indian counterparts, expanding their networks and creating opportunities for long-term business partnerships.
Moreover, such platforms allow us to explore new areas of collaboration between the Indian Chamber of Commerce and the Bhutan Chamber of Commerce & Industry. For instance, we aim to focus on fostering initiatives that promote trade, investment, and cross-border cooperation in mutually beneficial industries. These events also help address challenges, identify areas of improvement, and bring the business communities of India and Bhutan closer together.
Chandra B. Chhetri in conversation with BNE journalist Pankhi Sarma
BNE: Given Bhutan’s geographical proximity to Northeast India, how do you perceive this region's role in enhancing trade and economic cooperation between the two countries?
Chandra B. Chhetri: The Northeast region is vital for Bhutan’s economic strategy due to its geographical closeness and shared cultural affinities. The similarities in topography, natural resources, and societal characteristics create a natural synergy between Bhutan and Northeast India.
Tourism is one of the most promising areas for collaboration. Both Bhutan and the Northeast region possess unique cultural and ecological treasures that can attract global tourists. By promoting tourism together, we can strengthen our economies and create significant employment opportunities in this sector.
Additionally, I believe focusing on immediate neighbours is a practical and efficient approach. Often, nations get caught up in exploring far-off markets while neglecting the immense potential of regional partners. For Bhutan, establishing a stronger foothold in Northeast India offers numerous advantages - from logistical ease to shared market dynamics. By focusing on this region, we can work towards building a sustainable and mutually beneficial economic partnership.
Cross-border checkpoint with trucks and goods in
transit between India and Bhutan (Google image)
BNE: Tourism certainly seems like an area with immense potential. However, connectivity issues between Bhutan and Northeast India have been a longstanding concern, particularly in terms of logistics and trade facilitation. Are there specific steps taken to address these challenges?
Chandra B. Chhetri: You are right. Connectivity is a critical factor that significantly impacts trade and economic activities. Bhutan, as a landlocked country, relies heavily on well-established logistical networks to facilitate trade.
Our government is actively working on improving connectivity as part of broader government-to-government initiatives. These include developing better road networks, upgrading infrastructure at border points, and streamlining trade processes. The focus is also on enhancing connectivity not just for trade but for tourism and cultural exchanges as well.
From the perspective of the Bhutan Chamber of Commerce & Industry, we are advocating for measures that can ease logistical challenges. For instance, we are pushing for better land customs stations, equipped with modern facilities, including digitalized systems to expedite clearance processes.
Another area we are emphasizing is the need for better multimodal connectivity, such as integrating road, rail, and waterways. By improving these networks, we can significantly reduce the time and cost of goods transportation, making trade between Bhutan and Northeast India more efficient.
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BNE: Digitalization and multimodal connectivity are critical for streamlining trade processes. How does the Chamber plan to collaborate with the government to prioritize and implement these initiatives?
Chandra B. Chhetri: The Bhutan Chamber of Commerce & Industry works closely with our government to ensure that the voice of the business community is heard and addressed. We actively participate in policy dialogues and provide inputs on areas that require immediate attention.
For instance, we are advocating for the prioritization of digital trade processes. This includes the implementation of e-portals for customs clearance, digital documentation for trade permits, and real-time tracking systems for goods in transit. Such measures can significantly enhance the ease of doing business between Bhutan and Northeast India.
Furthermore, we are collaborating with our government to identify critical infrastructure projects that can enhance connectivity. This includes upgrading border facilities, improving road conditions along key trade routes, and establishing new trade corridors. By working together, we aim to create an environment where businesses can thrive without being hindered by logistical challenges.
BNE: That’s an insightful overview. Lastly, what message would you like to convey to the business community in both India and Bhutan about the potential of this collaboration?
Chandra B. Chhetri: My message to the business communities of India and Bhutan is simple: the potential for collaboration is immense, but it requires collective effort. Both nations share a history of trust and cooperation and now is the time to build on this foundation by exploring new areas of partnership.
I encourage businesses to focus on regional synergies, particularly with the Northeast region of India, which offers untapped opportunities in sectors like tourism, agriculture, and renewable energy. By leveraging these opportunities and working together, we can not only enhance trade but also contribute to the socio-economic development of both nations.
Platforms like this Export Promotional Meet are just the beginning. Let us use them to build meaningful connections, exchange ideas, and create a future where India and Bhutan grow together as strong economic partners.
FIRST Business Portal addressing the potential of business capability of North East Region.
