IFC to Support Bhutan in Simplifying Business Licensing for Local Firms
Thimphu, Bhutan, December 14, 2010-IFC, a member of the World Bank Group, is working with Bhutan's Ministry of Economic Affairs and the Gross National Happiness Commission to identify and minimize regulatory constraints, an initiative designed to improve the ease of doing business in Bhutan.
(Media-Newswire.com) - Thimphu, Bhutan, December 14, 2010—IFC, a member of the World Bank Group, is working with Bhutan’s Ministry of Economic Affairs and the Gross National Happiness Commission to identify and minimize regulatory constraints, an initiative designed to improve the ease of doing business in Bhutan.
The initiative also will help increase economic activity, reduce costs and risks of business operations, and improve the government’s capacity to build and sustain momentum for reform.
Private sector development and setting up new business are critical to Bhutan’s economic growth and prosperity. IFC, supported by funding from the Netherlands, is working on a reform program as part of its commitment to help local businesses operate more efficiently while reducing costs of operation.
Dasho Sonam Tshering, Secretary of Ministry of Economic Affairs, said, “The proposed project is closely aligned with the government’s strategic reform efforts. We want to improve the delivery of public services to support overall economic development through private sector growth.”
The Bhutan government is committed to simplifying regulation and reducing administrative burdens and making the business environment conducive for private sector by adopting a new Economic Development Policy and revised Foreign Direct Investment Policy. This partnership with IFC to introduce the principles of business licensing and permits along good international practices follows the World Bank Group’s investment climate assessment study. The implementation program draws a roadmap from the report’s findings and recommendations.
The regulatory simplification project will focus on high-priority areas likely to include industrial licensing, approval process for foreign direct investment, and other clearances. The project aims to improve access to information on requirements for business licenses and permits by creating an e-licensing portal.
Ian Crosby, Manager of IFC Advisory Services in Bangladesh, said, “Our support to Bhutan will help improve efficiency of services and achieve time and cost savings for both the private sector and the administrating ministries and agencies.”
About IFC IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit www.ifc.org.
This story was released on 2010-12-14. Please make sure to visit the official company or organization web site to learn more about the original release date. See our disclaimer for additional information.