Newsletter - Business Opportunity and Information Centre

V O L U M E - I ,
2 0 1 4
the
Business Opportunity and Information Centre
BOiC
The Prime Minister
of Bhutan, His Excellency Tshering Tobgay
Launch
inaugurated the office of Business Opportunity and Information
Centre (BOiC) on 27th August 2014. The Indian Ambassador His
Excellency Gautam Bambawale, His Excellency Lyonpo Norbu
Wangchuk Minister of Economics Affairs, His Excellency Lyonpo
Namgay Dorji Minister of Finance and His Excellency Lyonpo
Yeshey Dorji Minister of Agriculture and Forestry and other Senior
Government Officials also attended the launch.
The launch included Access to the Revolving Funds along with video
presentations, distribution of fund guidelines and BOiC brochures.
The day also marked the opening of the Business Information Centre,
the one-stop centre for all information. The BOiC website was also
launched on the same day. It included the services on the website
whereby an application can be tracked online.
Content
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BOiC Launched
BOiC Operational
EDP workshop
Sensitization Program Began in 20 Dzongkhags
Global Entrepreneurship Week (GEW)
BDRT workshop
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BOiC and partner Bank
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Nurturing Business in Bhutan
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Aspiring Entrepreneurs funded
by BOiC
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Mom Grows Mushrooms
White revolution in Tashaluna
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Establishment of BOiC
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Date
27th August 2014
28th August 2014
28-29 August 2014
04th September 2014
17-23rd November 2014
22nd-23rd December 2014
Timeline
Welcome by CEO
Timeline
Activity
BOiC Launch
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Mandates
Job creators NOT job seekers
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Headway after launch
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More stories
Public Announcement
THE LOREM IPSUMS
V O L U M E - I ,
2 0 1 4
FALL 2016
Welcome
Welcome to the first issue of the BOiC Newsletter, a publication that
includes information highlighting you–BOiC members and our
readers! Everyone in BOiC agreed we needed more communication
both internally and externally. This newsletter is one of our efforts to
improve our external communication, and I must say, I think it is a
great idea!
The BOiC Newsletter will also be posted on the BOiC Web site
(www.boic.gov.bt). We hope you all will share this newsletter with
your friends and family who are interested to know more about our
services and who are interested to start a business in manufacturing
and production.
Karma Tshering, CEO
The BOiC Newsletter is a medium for BOiC to share information.
Each edition will include, the latest updates on BOiC and our success
stories that are making a difference in the lives of our fellow citizens.
I hope that you enjoy reading each issue of the BOiC Newsletter.
These publications are for you in the hope that it brings out the joy of
reading in all of us.
BOiC and BDB
A contract to help BOiC disburse funds was signed between BOiC and
Bhutan Development Bank Limited (BDB) on the 27th August 2014.
Contract Signing with BDB
The Bhutan Development Bank Limited (BDB) is the partner bank of
BOiC. The contract outlines the post sanction and financial services to
be carried out by BDB on behalf of BOiC. The scope of activities
include data base maintenance, MIS, fund disbursements, fund
repayments, execution of documents, monitoring, recovery and legal
services. It is signed for 10 years.
Nurturing business in Bhutan
An Entrepreneurial Development workshop brought
together the key agencies of the government, NGOs and
private sector and provided a platform to share
experiences or insights, discuss and develop robust
measures to coordinate and foster entrepreneurship
development programs in the country.
The workshop produced a comprehensive report capturing
strategic recommendations for policy makers. It also
provided a road map of action plans including
coordination mechanisms.
Participants from EDP
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FALL 2016
Aspiring Entrepreneurs funded by BOiC
Mom grows mushrooms
White revolution in Tshaluna
A group of farmers from Tshaluna increased the milk
production overnight. These farmers are members of a
group know as Tseluna Gonor Guntshu Namling
Tshopa. The members were individually funded by
BOiC to purchase jersey cows.
“I feel empowered and independent to start my own
business with the help of BOiC”, said the mother of
four, Chencho Wangmo.
A single parent moving from one job to another,
Chencho is today one of the entrepreneurs from Bara
in Shaba under Paro Dzongkhag. She has started
mushroom farming in her village after taking funds
from BOiC.
The group started milk production in Tshaluna under
Mewang geog in Thimphu with 15 members in 2009.
Today it has 31 members with plans to increase its
membership.
She said the idea to start on her own came after she
worked with her brother-in-law in Phuntsholing nine
years ago. She said she gained the necessary
experience while working with him but could not
start on her own due to financial constraints.
The group led by the Chairman, Sangay Tshering
approached Business Opportunity and Information
Centre for the fund after its services were in operation
from 28th August this year.
It was an opportunity for Chencho when BOiC came
into operations. By September, Chencho was familiar
with BOiC’s services and she did not let anything
hold her back to start her own production of
mushrooms in her village.
Starting with 50 liters of milk a day, the members now
produces more than 200 liters per day. The members
supply their milk to a shop in Thimphu after each
household drops it off to the collection vehicle, which
plies every morning from Tshaluna to Thimphu.
Chencho now employs five people who are formerly
school dropouts and others in the village. Chencho
hopes to employ more people once the production
starts in March 2015.
Sangay Tshering said with the fund from BOiC, 29
jersey cows were bought from Thimphu and Paro,
which has led to increase in production of milk over a
short period of time. He said their target is to increase
the production of milk by involving more families to
join the group to buy the cows. 90% of the members
are women.
Chencho said one of the constraints in this business is
to get more than 500 wood logs, used for growing the
mushrooms from the forest. She said, to meet the
demands from her relatives and the hotels that she is
targeting, she needs more wood logs to increase
production.
Tshaluna grows wheat, buckwheat and potatoes, which
are under constant threat from the wild boars. The
villagers in Tshaluna has 30 household out of which
50% of the household are availing funds from BOiC to
start different manufacturing and production activities.
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THE LOREM IPSUMS
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About BOiC
Establishment of BOiC
The Royal Government approved the establishment
of the Business Opportunity and Information Centre
(BOiC) under the aegis of the Ministry of Economic
Affairs as a time bound autonomous agency for
implementing the Revolving Funds as part of the
Economic Stimulus Program (ESP). The Revolving
Funds includes:
1. Revolving Fund I for Cottage and Small
Industries; and
2. Revolving Fund II for non-formal rural
Activities
BOiC launch
Mandates
Of the total funds of Nu 1.9
billion, Nu 1.5 billion is for
RF I for CSI and Nu 400
million for RF II for nonformal rural activities.
The BOiC is vested with the following
mandates:
1. Act as one-stop centre for
information – on business
opportunity in the country, business
start-up protocol, extant business
laws, rules and regulations.
2. Implement the Revolving Fund and
extend the financial support
accordingly to deserving
manufacturing projects and nonformal rural commercial sector
activities.
3. Provide training programs to develop
practical business skills of potential
entrepreneurs and help them come up
with effective business plans to ensure
initial success.
Walk in clients
The primary purpose of
establishing BOiC is to
stimulate growth of cottage
and small manufacturing
industries and non-formal
rural activities through an
integrated approach towards
cottage and small
manufacturing (and
production) industries
development i.e. support in
terms of both administrative
and financial.
With the press during launch
MoEA Minister 2014
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BOiC on the Road
Job creators NOT job seekers
BOiC completes sensitization program on BOiC and its
services on 28th October 2014 in all the twenty
Dzongkhags. Lhuntse Dzongkhag had the highest
number of participants. There were 164 participants
from different walks of life of which many were
farmers.
Tashi Yangtse and Samdrupjongkhar recorded 90
participants, making them the second highest.
A total of one thousand and eighty two (1082)
participants around the country attended the BOiC
sensitization program. Participants included Dzongdas,
Sector heads, business community, farmers and 159
Gups.
Thinley Namgayl, Information Officer in Gasa
BOiC’s sensitization program on its services and
mandates were further taken to the colleges and
institutes in the country.
‘Become job creators instead of job seekers’ said the
CEO of BOiC, Karma Tshering to the students. He said
BOiC is a platform created to finance good business
ideas and students should take this as an opportunity to
explore self-employment by coming up with business
proposals in manufacturing and production.
Future Job creators
The BOiC team also met with the management of the
colleges and institutes, to discuss entrepreneurship
development initiatives undertaken by the institutes and
explore areas of possible collaboration between the
BOiC and the
institute.
More than one
thousand
students from
colleges and
institutes in the
country
attended the
program.
MoU with the Dzongdas
BOiC with Radio Kanglung
GEW- 2014
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Headway after launch
Employment Created
A total of 434 new jobs have been created with the approval of the 304
projects. The number of employment created under RFII is 288 and
146 under RF I. BOiC will soon sign an MoU with Ministry of Labor
& Human Resources to channel the employment opportunities.
Project Approved
After 76 days in operation, BOiC received 933
applications amounting to Nu. 1.3 billion. Out of the
total applications received, 304 project proposals
amounting to Nu. 82 million has been approved of which
288 projects are for non-formal rural activities under
Revolving Fund II (RFII) and 16 cottage & small
manufacturing and production projects under Revolving
Fund I (RFI). Maximum number of projects approved is
from Paro (25%) and Trashiyangtse (21%).
Recycled waste
Applications from Dzongkhags
BOiC has so far received 39 percent of the applications
from the western dzongkhags, which includes Haa,
Punakha, Wangdi, Gasa and Thimphu. The East with
Lhuntse, Pemagatshel, Samdrupjongkhar, Tashigang,
Tashiyangtse and Mongar is at 27 percent followed by
18 percent from South, which includes Chukha, Samtse
and Sarpang, and 17 percent from Central as Bumthang,
Dagana, Tsirang, Tongsa and Zhemgang dzongkhags.
Project proposals
Tashiyantse Dzongkhag
Application declined
From incomplete project proposal, poor credit
information report of the project proponent, medium
scale projects and not fulfilling the eligibility criteria of
fund guidelines, the number of project proposals
declined till date is 232. Proposals for fund access under
service sector were also declined.
Many project
proposals did not meet any import substitution or export
promotion criteria under the Economic Stimulus Plan
Implementation Strategy Report. The promoters were
encouraged and guided to resubmit proposals in
conformity with the fund guidelines.
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THE LOREM IPSUMS
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Workshops and trainings with BOiC
The consultants who will write projects proposals for
potential entrepreneurs and the first set of BOiC funded
entrepreneurs met with the BOiC officials last week.
The meeting with the consultants focused on the
development of business proposals as per BOiC
requirement. Officials from BOiC outlined the criteria
and formats that would make the proposals practical for
both the parties and the clients.
The CEO of BOiC, Karma Tshering emphasized, to
write business proposals that are viable and to ensure
the confidentiality of project ideas. Based on these
understandings, the parties also signed a guided “Terms
of Conditions.”
Out of the 27 consultants registered with BOiC, 16
consultants attended the daylong workshop.
BDRT workshop
The Upcoming Entrepreneurs funded by BOiC
The basic business skills training, organized by BOiC
was attended by eight (8) clients out of seventeen (17)
approved clients under Revolving Fund I (RFI).
The clients are from different parts of the country. The
group comprised of non-educated as well as educated
proponents.
These clients were trained on exploring and capturing
the market, reaching and retaining valued customers,
managing finance and accounts and managing
employees.
Consultants with clients
The capacity building program is one of the mandates
entrusted by the Government to BOiC.
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FALL 2016
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Aspiring Entrepreneurs funded by BOiC
Look out! For noodles made in Bhutan
This kind of initiative from BOiC is very informative and useful
to us said 32 years old Sonam Rinchen. He is one of the clients
with BOiC who is going to produce instant noodles in the
country.
Prior to his dream of becoming a businessman, he was
temporarily working with a private media house.
He said the main factor that prevented him from achieving his
dream was the lack of financial support. He said although he
could have obtain a loan from other financial institutes, he was
not confident because of the high interest rate.
Sonam Rinchen has a commerce background and said the
session was equally important and a revision that would
benefit his business.
A transition from ‘Nangi aum’ to an entrepreneur
A mother of five, Sonam Zangmo from Tongsa said she
had never got the formal education. Her only experience
is that of working in the village and looking after cattle.
She said she then became a ‘nangi aum’ and could not
go anywhere after all her siblings moved to the cities for
better opportunities.
She said she first heard about BOiC through BBSC and
discussed about the opportunity with her cousin and expressed
her interest to commercialize her experience as a cow
herder, with financial support from BOiC.
Her cousin helped her make the proposal and today she is
one of the few who is transcending in changing her lifestyle
and the future of her children.
She said she is happy to have missed out on her yearly ritual
in the village to be here for the training that BOiC had put
together for them. “I have never received any formal training
in my life and it is very dignifying experience for a villager
like me,” said tear filled Sonam Zangmo.
Sonam Zangmo said her take away from the session is
maintaining her accounts for every penny spent and made
through this project.
The day’s session ended with hope and additional confidence
among, BOiC funded clients.
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Public Announcement
Offer of Projects to Public for funding under Revolving Fund I, Economic Stimulus Plan
A. Production – Livestock Projects
The Business Opportunity & Information Centre is pleased to notify the general public that the following
production activities have been standardized with technical guidance from Department of Livestock, Ministry of
Agriculture & Forests for funding under the Revolving Fund I (RFI), Economic Stimulus Plan of the Royal
Government of Bhutan.
1 Diary projects (milk, cheese & butter production)
2 Poultry projects (broiler and layer)
3 Piggery (breeding and fattening)
The above project activities, within the cottage and small scale, are offered to the general public of the 20
Dzongkhags for funding under the RFI above Nu 100,000 upto Nu 8 million. The following are the guidelines;
a. NO PROJECT PROPOSAL IS REQUIRED TO BE SUBMITTED
b. Interested applicant may submit their expression of interest through the respective Dzongkhags
c. The Dzongkhags and BOiC under the Memorandum of Understanding signed will offer the above projects to
public under the respective Dzongkhags.
d. Applicants will be required to submit their applications to the respective Dzongkhags providing details of (i)
personal information (ii) livestock units (iii) project location and other details in the prescribed format
e. The Dzongkhags will select the applications based on its assessment and recommend the projects to BOiC for
funding. The Dzongkhags will also provide technical support where necessary.
f. Technical Advise of Department of Livestock will be obtained where deemed necessary.
g. The approval of the applications will be carried out by BOiC based on the submissions of the Dzongkhags.
h. BOiC will consider multiple projects from every Dzongkhag/Geogs.
i. Application shall be routed through the respective Dzongkhags
j. Proposal for the above livestock will not be accepted by BOiC with effect from January 2015. However project
proposals submitted in 2014 will be processed.
k. The projects offered are subject to regular clearances and approvals from the Government
Ministires/Departments & Dzongkhags and BOiC eligibility criteria.
Contact person: Director, RFMO
B. Viable manufacturing projects
The BOiC has carried out feasibility studies and is pleased to offer the following viable manufacturing projects
under cottage and small scale up to Nu 8 million. BOiC seeks expression of interest from interested applicants for
the projects.
a. Tarbu Fruit juice (Sea buckthorn) – 100% export oriented – project can be replicated and royalty/patent fees
required
b. Incense (Sangze Jatsa Gae – 108) – 100% export oriented – royalty/patent fees required
c. Children’s Furniture – import substitution – project can be replicated
d. Wood charcoal – import substitution – project can be replicated
e. Groundnut oil – import substitution (project location in Pemagatshel)
f. Chirata Capsule (herbal) – export oriented (project location in Samdrupjongkhar)
The projects offered are subject to regular clearances and approvals from the Government Ministries/Departments
& Dzongkhags and BOiC eligibility criteria. The guidelines and principles of engagement can be downloaded from
BOiC website.
Contact person Director, BDRT.
We wish the Nation and the citizens of Royal Kingdom of Bhutan a Happy New Year 2015
BOiC
4th floor, Building Plot 1A, Chubachu Main Traffic, Thimphu: Bhutan.
PABX no: +975 2 339240/41/42. FAX: +975 2 339246/7.
Website: www.boic.gov.bt Hotline: 158

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