The government of India is sponsoring the ESP programme and out of the Nu 15 billion allocated for the ESP programme, Bhutan had received Nu 2.5 billion as first tranche from the Government of India.
Lekey Dorji further added, ESP will strengthen the macro-economic framework of Bhutan and promote domestic production.
He added that the goal is to create more employment opportunities, increase foreign reserves, and attract tourists as the government had targeted 300,000 tourist arrivals annually.
Bhutan has been an import-dependent country with the country’s imports increasing from Nu 66.64 billion in 2020 to Nu 90.3 billion in 2021, and Nu 108.42 billion in 2023.
However, exports had declined to Nu 52.92 billion in 2023 from Nu 57.99 billion in 2021.
Lyonpo Lekey Dorji said that the ESP would address this trade imbalance by increasing exports and promoting the production of goods that can replace imports. He added that the programme will also support the establishment of new businesses and the growth of existing cottage and small industries. This is expected to enhance the country’s capacity for domestic production and generate employment.
