The Bhutan Chamber of Commerce and Industries (BCCI) projects that the chamber will collect about Nu 7.48 million (M) as membership fees and voluntary contributions from its members during the fiscal year 2019-20, according to the BCCI secretariat.
The information was released at the BCCI’s 32nd annual general meeting (AGM) held from September 6 to 7 in Thimphu.
The expected revenue, however, may change, the report issued by the BCCI, added. The government will provide Nu 10.5M to the chamber as grant for the fiscal year, according to the chamber’s projection.
According to a performance audit report covering the period from January 2013 to December 2017, over the period of the last five years the BCCI generated a total revenue of Nu 258.669 million and received grant of Nu 42.750 million from the government as grant.
The BCCI sustains its operations from annual membership fees of the business entities, voluntary fees, rental income and sale proceeds among other sources of revenue. It generates 50.4 percent of its revenue from annual membership fees and 45 percent from rental income and voluntary fees.
Speaking at the AGM, BCCI president Phub Zam said membership of the BCCI was not growing as expected. “We are not growing in terms of membership,” she said adding that the chamber has fulfilled its mandate of developing the private sector in the country.
However, she added that the government’s pledge to make the private sector to be vibrant by partnering with BCCI would go a long way.
BCCI’s secretary-general Sangay Dorji said that the chamber needed more money to conduct trainings at the dzongkhag level. He said that trade fairs have been one of the major sources of revenue for the chamber.
The chamber is projected to earn a net income of Nu 793,000 through organization of trade fairs in the fiscal year 2019-20, according to the BCCI secretariat.
In total, the BCCI is expected to earn about Nu 19.243M in the fiscal year 2019-20. The projection includes Nu 270,000 as rental income.
The Chambers will spend about Nu 18.556M in pay and allowances of its staff. This is considering a 20 percent raise for members of the BCCI staff after the pay raise civil servants received beginning from the fiscal year.
The BCCI projects that that it would require to invest about Nu 3M for capacity building of the chamber. The operating cost of BCCI is projected to come around Nu 34.393M.