If the worrisome news that our $$ reserve is likely to run dry in the next 15 months were not enough, the Kuensel this morning reports that our INR reserve too has fallen by more than 50%. This news should be even more worrisome but for the fact that a credit line has been opened to borrow from the RBI, should we need to do so.
Under normal conditions, we could sell $$ and buy INR if such a need arises – but these are not normal conditions – the $$ kitty too is drying up.
China’s middle class population is expected to reach 1.2 billion by 2030. Close on the heels of China, India’s middle class population is expected to reach over 800 million by the same period.
So why aren’t we targeting these two countries - our closest neighbors - to provide us the tourist numbers? Their proximity to Bhutan is an added advantage - particularly in a situation where the global air travel has become so expensive as a result of the COVID-19 pandemic.
I spoke to one of the officials of the TCB – to suggest that Bhutan should now target the international MICE (Meetings, Incentives, Conferences and Exhibitions) market. I offered the suggestion that the upcoming WHO’s SEARO Regional Conference RC-75 scheduled for September 2022 could be a great opportunity to promote the concept, when 10 Health Ministers of the region will congregate in Paro for a number of days.
Unfortunately the official tells me that they are too busy transforming the tourism industry. Well, what can I say?
But Bhutan should seriously look at the MICE market – we have the right conditions in place: tranquility, serenity and uncluttered ambience. With the right approach we can make the endeavor a successful one – given that institutions and organizations fund the MICE – meaning no money out of the pockets of the participants. Best thing is that those who come for the MICE are people who will leave no footprints – other then spirited business opportunity for the tourism industry players.
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