Foreign Direct Investment (FDI): An Observation about ... · Foreign Direct Investment (FDI): An Observation about Tourism Sector of Bhutan Abstract Dr. Pawan Kumar Sharma 1, Umesh

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Foreign Direct Investment (FDI): An Observation about Tourism Sector of

Bhutan

Abstract

Dr. Pawan Kumar Sharma 1 , Umesh N. Jadhav 2 , Elangbam Haridev Singh 3 , Dr. Achintya

Mahapatra4

FDI has been an integral component of economic development strategy of many countries in post

globalization phase. It is essential for creating employment opportunity, increasing the standard

of life, technology advancement, and sustainability. The new world order due to convergence of

communication and technology has created a virtual borderless world. Every nation has to pay

heavy opportunity cost if left isolated. Bhutan is also in the process of opening up its economy,

in order to tap the opportunity of FDI. It is well known fact that Bhutan’s tourism industry is

very important as it employs maximum manpower, and second highest earner of foreign

exchange in Bhutan. This paper tries to determine the factors affecting FDI in Tourism sector,

evaluates the policies adopted to attract FDI, and examines the benefits of FDI in the growth of

Tourism sector.

Key words: Foreign Direct Investment (FDI), Tourism Industry, Bhutan, Globalization

1 Associate Professor, Delhi College of Arts and Commerce, University of Delhi, Presently on deputation under

Colombo Plan, MEA, Govt. of India to Royal University of Bhutan (GCBS) E. Mail: [email protected] 2 Sr. Lecturer, Royal University of Bhutan (GCBS)Gedu, Chukha, Bhutan, E. Mail: [email protected]

3 Lecturer, Royal University of Bhutan (GCBS)Gedu, Chukha, Bhutan, E. Mail: haridevelang @gmail.com 4 Sr. Lecturer, Royal University of Bhutan (GCBS)Gedu, Chukha, Bhutan, Cell No. 00975-17899191 E. Mail: [email protected]

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Foreign Direct Investment (FDI) has become one of the salient features of economic growth of

countries. Some view it as an important factor of economic growth, employment generation,

expansion of import and export business and good price while others look upon it as a negative

growth for local merchants, profit distribution, investment ratios are not fixed, an economically

backward class person suffers from price rise, retailers face loss in business, and inflation may be

increased. More than ever, countries at all levels of development seek to leverage FDI. Bhutan

introduced FDI as developmental strategy in 2002 including in tourism. Bhutan is famous for its

natural beauty, rich wildlife and unique culture. The fourth King of Bhutan, Jigme Singye

Wangchuck, had advocated and implemented the policy of controlled development with

particular focus on the preservation of the environment and Bhutan’s unique culture. On 2 June

1974, for the first time international media were allowed to enter Bhutan, which marked

Bhutan’s debut appearance on the world stage to commemorate the coronation of fourth king of

Bhutan. Later that year, the first group of paying tourists arrived with 287 visitors which have

since increased up to 64,028 in 2011.

Tourism sector holds immense potential for Bhutanese economy. Tourism is no longer looking at

it as a leisure activity, but as a major source of employment. According to the Accelerated

Bhutan’s Socio-economic Development (ABSD) initiative, hospitality sector is a key area that

will boost economic growth and generate employment opportunities for the youth. It is estimated

that the industry employed around 17800-19600(direct and indirect) people in 2010. At present

313 tour operators and around 1266 tour guides are authorized by Tourism Council of Bhutan.

There are 128 hotels and resorts in Bhutan qualified to cater to tourists, with a total of 5,572 beds

between them.

Tourism is the second largest net earners of foreign exchange for the country and also one of the

sectors, which employs the largest number of manpower. Bhutan received 64,028 high end

visitors in 2011. It recorded highest number of visitor arrivals in the country with a growth of

56.65% over year 2010. Tourism receipts from international visitors (dollar paying) alone

generated USD$ 47.68 million as direct gross earnings, which is an increase of 32.52% over

2010. Of this 14.89 million was generated as direct revenue for the Government through the

royalty receipts. These earnings do not include revenue from other sectors like airline, handicraft,

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and additional out-of-pocket spending. Moreover, this high-end arrival figure does not include

the 36,805 regional tourists and other category who travelled by land into Bhutan and visited

Thimphu and beyond. Of the 36,805, about 1,728 regional visitors stayed in tourist

accommodation facilities that are of three stars and above category.

In order to develop tourism in Bhutan in a systematic manner to harness it’s direct and

multiplier effects for employment and poverty eradication in an environmentally sustainable

manner the Royal Government of Bhutan formulated several policies to facilitate private

investments through public private partnership and focus on development of this sector including

FDI.

Salient Features of FDI for Tourism

In case of Five Star and above category hotels with minimum project cost of Nu. 200 million,

100% equity through FDI is allowed by Royal Government of Bhutan. In case of four star hotels

with minimum project cost of Nu. 25 million, only 75% equity are allowed by way of FDI.

(Bhutan, Foreign Direct Investment Policy 2010)

The Bhutan government provides various incentives to the FDI funded projects, the specific tax

incentives provided to tourism sector are: A 10-year income tax holiday is provided to newly-

established high-end hotels, a reinvestment allowance of 25% of total capital expenditure

incurred shall be provided for the up-gradation of the existing hotels, the Income Tax Act has

been amended to allow entertainment expenses up to 5% of the assessed net profit, Service Tax

is not levied based on rack rates of the hotels but on published or actual charged discounted room

rents, Tax on import of furniture and fixtures etc. for tourist-class hotels are exempted, Daily

tourist tariff/royalty has been waived for foreign participants in meetings, international

conventions and exhibitions (MICE). (Royal Government of Bhutan, 2010)

Objectives

a) To determine the factors affecting FDI in Tourism sector,

b) To evaluate the policies adopted to attract FDI,

c) To examine the benefits of FDI in the growth of Tourism sector.

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Literature Review-

Krugman and Obstfeld’s study (as cited in, Don Anura Wickramasinghe, 2007) defines, foreign

direct investment as international capital flow from a firm in one country, which creates a

subsidiary of the parent company in other country or which allows the firm to obtain a

controlling interest in a foreign firm. FDI is distinguished from other forms of international

capital flows in that it goes beyond a transfer of resources; also it involves the acquisition of

control of assets in other country.

World Trade Organization’s study (as cited in, Don Anura Wickramasinghe, 2007), defines,

foreign direct investment as, when an investor based in one country (the home country) acquires

an asset in a country (the host country) with an intend to manage the assets. However, according

to the Organization for economic Cooperation and Development (OECD) definition in 1996,

mean that, foreign direct investment as reflecting the objective of obtaining a lasting interest by

a resident entity in one economy (direct investor) in an entity resident in an economy other than

that of the investor (direct investment enterprise). Foreign Direct Investment is the process of

investing in other country’s economy for long run with the purpose of acquiring the assets and

managing it as well as to transfer resources such as technology, human resources, skills etc...

In order to encourage foreign investors, the Royal government of Bhutan have framed various

policies including custom tariff schedule in 1996, Foreign Exchange Regulations in 1997

removing several restrictions on foreign exchange transactions and followed by FDI policy in

2002.

Pasang Dorji (2011) stated that, the 2002 Policy allows maximum of 70% foreign equity holding

of a FDI company. The revised policy is expected to look at the possibilities of allowing even

100% foreign equity holding like in the manufacture of some edible food products, electronic

equipment, and hydropower sectors. The first impact study of FDI on Bhutan’s economic growth

by the economic affairs ministry showed that the existing FDI Policy has failed to attract foreign

investors. Dambar S. Kharka, an economist, said Bhutan should be open to FDI. However, he

said some foreign investments come with other objectives than money including political

interest. “There should be a set priority and the negotiation should be within a sound strategic

framework.”

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Two international resort chains have been approved and commenced its operations in 2004, with

the approval of the FDI policy in 2002. The first big investment of US$20 million came from

Bhutan Resorts Corporation Limited. It is a joint venture between the Bhutan Tourism

Corporation limited and the International Group of Amman Resorts. In the initial stage it focused

mainly where tourist visitors are frequent in the places like Paro and Thimphu then followed by

Gantey Gompa, Trongsa and Bumthang. Bhutan is said to be Aman’s 12th destination. Another

multi-million investment came from Bhutan Eco Ventures Limited, a joint venture between the

Bhutan International Company and M/S HPL leisure properties (West Asia) private limited of

Singapore. The FDI inflow from these two investments would be a total of Nu.219.10 million.

Many other projects have been proposed and the decisions are taken whether to accept or reject.

The study conducted by Ministry of Economic Affairs to assess the impact of FDI in Bhutan in

2008, it has found that the FDI policy framed by Royal Government in 2002 is not sound enough

to attract FDI in the country. Bhutan needs a properly reviewed FDI policy to gain from FDI and

should take full advantage of it, according to experts. Experts said that FDI widens opportunities

and could reduce the country’s heavy dependence on foreign aid. Foreign Direct Investment has

both positive as well as negative impact on the host country. Some of the positive impacts are:

Transfer of Technology, Development of human resource, Employment Opportunities, Helps in

generation of income. At the same time the host country should bear the following negative

impacts: Political Lobbying, Exploitation of Resources, Threaten Small Scale Industries,

Technology, Inability to see through any projects completely, Stakeholder management (times,

2010)

The Prime Minister, Lyonchhen Jigmi Y. Thinley, said that the Bhutanese economy cannot

mobilize the kind of money necessary to build 5-star hotels. Besides, reputed luxury hotels

brought in expertise, experience, and even their own clientele. High-end tourist destinations need

high end hotels, he said. (Kuensel. FDI for luxury hotels, (2010, Feb, 26). P.1) With the approval

of the FDI policy 2002, investment in the hospitality sector in Bhutan commenced with the first

investment made by International Group of Amman Resorts and followed by M/S HPL leisure

properties (West Asia) private limited of, Singapore, both in the form of joint venture.

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As of today there are total of eight FDI funded resorts, out of which four are under operation and

rest four are under construction. They are clearly shown in the table given below:

SI. Project Name Foreign Investor Location Status

1 Bhutan Resorts

Pvt. Ltd (in six

locations)

Bhutan Hotels Limited, Aman

Resorts Groups (Virgin Islands)

Thimphu, Wangdi,

Paro, Trongsa,

Bumthang

Operating

2 Bhutan Eco

Ventures Pvt. Ltd.

( in two locations)

HPL Leisure Ventures Pvt. Ltd

(Singapore)

Paro and Punakha Operating

3 East West Co. Pvt

Ltd.

Mr. Rawleigh Hazen Ralls and Mr.

Stephen C. Sherrill, Mr. Gerard S.

J. Moffatt (USA & UK)

Punakha Under

construction

4 Havens Resorts

Pvt. Ltd

Voraphot Srimahachota (Thailand) Paro Operating

5 Nak-Sel Boutique

Hotel & Spa Pvt.

Ltd

PHM Foundation, USA Paro Operating

6. Himalayan Safaris

Lodges Private

Limited

Eastern Safaris Pvt. Ltd, Singapore Wangdi Under

construction

7 Bhutan Hotels

Private Limited

Eastport International Ltd., Samoa Thimphu Under

construction

8 Manidheepa-

Mohsin Hotels &

Resorts Pvt. Ltd

Dolphin Overseas Pvt. Ltd,

Singapore

Paro Under

construction

(Source:Survey)

Data Analysis and Interpretation

Table1. Reasons of FDI in Bhutan

Yes No

Unique culture 3 1

Good relation 0 4

Profit motive 0 4

Figure1: Reasons of FDI in Bhutan

The above figures show the reason for foreign

table1, out of three factors; our respondents think that Bhutanese unique culture is the most

important which tops in rating equal to 90% as compared with other factors like good relation

and the profit motive which is rated as least important factor.

Table

Effective laws of existing policy

Need to change existing policy

Benefits of existing policy

Govt. support

0

0.5

1

1.5

2

2.5

3

3.5

4

Unique culture Good relation

7

No

Figure1: Reasons of FDI in Bhutan(Source: Table 1)

The above figures show the reason for foreign investors investing in Bhutan and as listed in the



tive which is rated as least important factor.

Table 2. The perception on FDI Policy in Bhutan

Yes No

Effective laws of existing policy 3 1

Need to change existing policy 1 3

3 1

4 0

Good relation Profit motive

Yes

No

(Source: Table 1)

investors investing in Bhutan and as listed in the



(Figure No. 2: the perception of respondents on FDI policy in Bhutan Source: Table 2)

Figure 2 represent the perception of respondents on FDI policy in Bhutan where, 75%

existing FDI policy is effective and 25% feel that there is need to change

75% agree that existing FDI policy provides benefit to their business and 100% have confirmed

the support from government.

Table 3. Benefits of FDI to country, society, business and investor.

Infrastructure development

Employment opportunities

Profitability

Information technology

Improving employee training and Skills

Explore of Potential tourism

0

0.5

1

1.5

2

2.5

3

3.5

4

Effective laws

of existing

policy

Need to

change

existing policy

8


Figure 2 represent the perception of respondents on FDI policy in Bhutan where, 75%

existing FDI policy is effective and 25% feel that there is need to change

that existing FDI policy provides benefit to their business and 100% have confirmed

the support from government.

3. Benefits of FDI to country, society, business and investor.

Yes No

3 1

4 0

3 1

1 3

Improving employee training and Skills 3 1

1 3

Need to

change

existing policy

Benefits of

existing policy

Govt. support

Yes

No


Figure 2 represent the perception of respondents on FDI policy in Bhutan where, 75% say that

existing FDI policy is effective and 25% feel that there is need to change the existing policy.

that existing FDI policy provides benefit to their business and 100% have confirmed

Figure 3. Benefits of FDI to country, society, business and investor

Above table and figure shows the benefits

opportunity is the most important benefit followed by infrastructure development, improving

employee training and even profitability. However, informa

tourism rank as the least important benefits in the opinion of our respondents.

• Factor affecting FDI in Bhutan

Table 4. The market factors attract FDI in Bhutan.

Size of market

Market growth

Dissatisfaction with exiting

market

Desire to follow customer

Desire to follow competition

00.5

11.5

22.5

33.5

4

9

Figure 3. Benefits of FDI to country, society, business and investor (

Above table and figure shows the benefits of FDI. 100% respondents agree


employee training and even profitability. However, information technology and exploration of


Factor affecting FDI in Bhutan

4. The market factors attract FDI in Bhutan.

Most

Imp.

Least

Imp.

4 0

3 1

Dissatisfaction with exiting

0 4

3 1

0 4

Yes

No

(Source Table 3)

of FDI. 100% respondents agree that employment


tion technology and exploration of


Figure 4. The factors attract FDI in Bhutan.

The above figure shows the market

important with 100% response. The other factors like dissatisfaction with the existing market and

desire to follow competition ranked as the least important to our respondent. The respondents

also feel comfortable with the existing market conditions with less competition.

00.5

11.5

22.5

33.5

4S

ize

of

ma

rke

t

Ma

rke

t g

row

th

Dis

sati

sfa

ctio

n

Table 5. Showing the ratings of Cost factors

Availability of labor

Availability of R.M

Low cost of transportation

Availability of capital &

technology

Financial encouragement by

govt.

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4. The factors attract FDI in Bhutan. Source Table 4)

e above figure shows the market factors where size of the market is ranked as the most



l comfortable with the existing market conditions with less competition.

Dis

sati

sfa

ctio

n

wit

h e

xiti

ng

ma

rke

t

De

sire

to

fo

llo

w

cust

om

er

De

sire

to

fo

llo

w

com

pe

titi

on

Market Factors

Most Imp.

Least Imp.

5. Showing the ratings of Cost factors

Most Imp. Least Imp.

4 0

4 0

0 4

Availability of capital &

4 0

Financial encouragement by

0 4

Source Table 4)

factors where size of the market is ranked as the most



l comfortable with the existing market conditions with less competition.

Figure No. 5 showing

The figure 5 shows the cost factors like availability of raw materials, labor, capital and

technology are very important. Factors like low cost of transportation and financial support from

the government are ranked as the least important since the cost of

direct impact on their business and, moreover, they do not get direct financial assistance from

the government in running their business.

Table 6. Political and Legal factors

Political stability

Country image

Terrorism

Racial & ethnic tension

Tax policies

00.5

11.5

22.5

33.5

4

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showing the ratings of Cost factors Source Table No5)



the government are ranked as the least important since the cost of transportation doesnot have


the government in running their business.

6. Political and Legal factors


4 0

4 0

3 1

0 4

1 3

Most Imp.

Least Imp.

the ratings of Cost factors Source Table No5)



transportation doesnot have


The Himalayan Kingdom of Bhutan has shown political stability a

became the most important reason for

with the good image of country to outside world. The terrorism factor is rated around 90% which

is not an issue in Bhutan. The racial and ethnic tension is not a big deal and also the tax policies

have less impact on FDI.

Table 7. Showing Social and Cultural factors

Familiarity with country

Unique culture and tradition

Language and Communication

Religion

Attitudes of the customer

Figure7. Showing Social and

0

0.5

1

1.5

2

2.5

3

3.5

4

Political

stability

Country

image

Terrorism

00.5

11.5

22.5

3

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The Himalayan Kingdom of Bhutan has shown political stability and peace in the past, which

me the most important reason for foreign investors to invest in the tourism sector of Bhutan


in Bhutan. The racial and ethnic tension is not a big deal and also the tax policies

7. Showing Social and Cultural factors


2 2

3 1

Language and Communication 2 2

2 2

1 3

Figure7. Showing Social and Cultural factors

Terrorism Racial &

ethnic

tension

Tax

policies

Most Imp.

Least Imp.

Most Imp.

Least Imp.

nd peace in the past, which

to invest in the tourism sector of Bhutan


in Bhutan. The racial and ethnic tension is not a big deal and also the tax policies

Bhutan is well known for its unique culture and tradition which is the most important factor for

investors whereas the other factors like familiarity with country, language and communication

and religion doesn’t have much impact on their

Table 8. Showing Geographical/Location factors

Climate condition

Terrain/ Topography

Access to physical

infrastructure

Figure

As it is shown in the figure 8, geographical factors such as climat

to physical infrastructure also play a vital role in attracting FDI in Bhutan. Amongst

factors, respondents’ rate climat

consideration with 90% agree

Furthermore, respondents think that access to physical infrastructure has lesser important.

0

0.5

1

1.5

2

2.5

3

Climate

condition

Terrain/

Topography

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and religion doesn’t have much impact on their business.

8. Showing Geographical/Location factors


3 1

2 2

Access to physical

1 3

8. Showing Geographical/Locational factors

figure 8, geographical factors such as climatic condition, terrain and access

to physical infrastructure also play a vital role in attracting FDI in Bhutan. Amongst

rate climatic condition as the most important factor to be tak

consideration with 90% agreeing that, climatic condition is one of the most important factors.


Terrain/

Topography

Access to

physical

infrastructure

Most Imp.

Least Imp.



condition, terrain and access

to physical infrastructure also play a vital role in attracting FDI in Bhutan. Amongst these

condition as the most important factor to be taken into

that, climatic condition is one of the most important factors.


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Table 9. Showing the overall rating of factors determining FDI in Bhutan

Overall Ratings

Market Factors 2

Cost Factors 3

Political and legal Factors 4

Social and cultural Factors 5

Geographical/Location Factors 1

The pie chart shows the overall rating which reveals the most important and least important

factor affecting FDI in tourism sector of Bhutan. The Social and cultural condition of Bhutan is

the most attractive reason for investors to invest in tourism sector of country. The political

stability and legal enviornment of the country became the second most important reason for FDI

in tourism sector, followed by the market sitiuation. The respondents believe that geographical

location as the least important amongst the above stated factors as it doesn’t have much impact

on their investment.

Conclusion:

1. As per objectives of this study, first is to determine the factors affecting FDI in Bhutan.

(a) Some of the factors observed are market, cost, political and legal environment, socio-

cultural, geographical location plays vital role in FDI inflow in Bhutan. Peace and

political stability is the strength of Bhutan, but lack of infrastructure is a major reason for

poor performance in the investment under tourism sector. (b) Availability of labor and

Overall Ratings

Market Factors

Cost Factors

Political and legal Factors

Social and cultural Factors

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raw materials become another important factor to attract FDI in tourism sector but large

investors which form the majority of world investment normally avoid investment in

LDCs where markets are typically small and operation cost is very heavy. The restrictive

FDI policy is found to be another reason for failing to attract FDI in the country. (c) The

unique culture and preserved social conditions are important factors to develop a new

tourist destination. To attract FDI, a cautious approach like capitalizing on external

economic conditions, economic reforms, and private sector development is necessary. (d)

Despite having land locked location and market constraints, Bhutan has made success in

attracting foreign investments in tourism sector due to its favorable climatic conditions,

terrain and topography.

2. Our second objective is whether the government is framing suitable FDI policy. Foreign

investment in Bhutan has been identified as an important source for economic growth and

has put in place measures such as full and majority ownership and tax exemptions.

However, The Companies Act 2001 of the Kingdom of Bhutan is not clear about

companies under FDI as far as the legislation goes and this has implications on land

ownership rights as well. To improve the investment climate, legal system has to be put

in proper place to assure the foreign investors. Moreover, there is an increasing need to

liberalize the restrictive FDI regime to attract more investors.

3. Third objective of our study is to examine the benefits of FDI in the growth of tourism

sector. It is observed that tourism sector has generated more employment opportunities.

According to the policy, foreign workers can be employed under new FDI enterprises but

only for the first five years of operation. After that the ratio of expatriates to Bhutanese

employees must be reduced to 1:5. In terms of mobility of foreigners, while visa is issued

for the whole country, different route permits are required to visit different places around

the country.

4. Finally, it can be concluded that Bhutan has not proved to be a viable destination for high

foreign investment, in general. Royal Monetary Authority’s economic indicators support

this view when it states that Bhutan has received the least net FDI among the SAARC

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countries. In fact, net FDI receipts decreased from US$ 74 million during 2006-2007 to

US$ 16 million during 2010-2011. It is a landlocked least developed country with major

constraints like small market, location factor, poor infrastructure and transport

bottlenecks. The FDI policy discourages investment by creating several inoperable

incentives. The other constraints in the country are relatively high transportation cost,

high cost of labor, and the unavailability of skilled and unskilled labor to match the

market demand. The decrease in FDI inflow is also due to economic recession that has

hampered the global economy since 2008. Meanwhile, Bhutan has been able to attract

small firms to invest in the country, especially in the service sector.

5. For an economy that is capital starved, with the small market base, lack of human

resources and technology, FDI is a viable option. The gains are many. FDI will bring in

the much needed convertible foreign exchange capital into the economy, generate

employment opportunities, develop human resources, open up markets and offer a host of

other choices to the people, among others. The government can capitalize on FDI to

achieve the sustainable growth of the economy.

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Foreign Direct Investment (FDI): An Observation about ... · Foreign Direct Investment (FDI): An Observation about Tourism Sector of Bhutan Abstract Dr. Pawan Kumar Sharma 1, Umesh