In a significant development, we are delighted to announce that we have re-launched our online e-auction system at the Phuentsholing Auction Yard recently.
Aimed at delivering prompt and efficient auction services to potato growers through an innovative online platform, the Food Corporation of Bhutan Limited (FCBL) in collaboration with the Royal Securities Exchange of Bhutan Limited (RSEBL) introduced the online auction services on trial basis in 2016 from auction yard, Phuentsholing.
Subsequently; on 5th September 2017 it was formally commenced with the institution of a separate unit for the online commodity under the present auction yard management at Phuentsholing.
The potato industry is experiencing unprecedented growth, and in response to the increasing demand for streamlined auction services, the Food Corporation of Bhutan Limited and Royal Securities Exchange of Bhutan Limited (RSEBL) have joined forces to create an online platform that ensures swift and convenient access to auction opportunities for potato growers across the globe with the chance to participate in real-time auctions, 24/7 accessibility and user-friendly interface. To date, with the funding support of MoF, MoAL, FAO and RSEBL; FCBL has procured five potato-grading machines along with washing and drying facilities worth Nu.67.13 Million.
Moving ahead, FCBL is actively pursuing the installation and implementation of grading machines at the key source points with the goal of establishing efficient channels for our potato growers. We believe that this online platform will revolutionize the way potatoes are traded, creating value for all participants. FCBL would replicate the same system at the production source at Gangtey in Wangdue, Chumey in Bumthang and Khaling in Trashigang by June next year with the funding support from the Royal Government of Bhutan (RGoB).
Additionally, plans are underway to introduce warehouse receipt coupon system. This system will not only act as a means to secure farmers' produce as collateral but will also open up avenues for accessing financial resources through financial institutions.
During the launch, we were honored to have the distinguished presence of the Dasho Secretary, Ministry of Agriculture and Livestock as the Chief Guest along with the team from DAMC, RSEBL and FCBL.