Department of Industry

Entrepreneur Bhutan 𝐅𝐨𝐮𝐫𝐭𝐡 𝐄𝐩𝐢𝐬𝐨𝐝𝐞 𝐨𝐧 𝐃𝐞𝐩𝐚𝐫𝐭𝐦𝐞𝐧𝐭 𝐨𝐟 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲

𝗖𝗦𝗜 𝗠𝗮𝗿𝗸𝗲𝘁 𝗼𝗽𝗲𝗻𝘀 𝗶𝗻 𝗕𝘂𝗺𝘁𝗵𝗮𝗻𝗴 𝘁𝗼 𝗯𝗼𝗼𝘀𝘁 𝗹𝗼𝗰𝗮𝗹 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝘀

A new CSI market has been opened in Bumthang, creating a dedicated space for local products. The Ministry of Industry, Commerce, and Employment inaugurated the market on Thursday. It is designed not just as a retail outlet but as a collection hub where products from small producers can be gathered and sold in one place.

https://www.bbs.bt/241664/

𝐏𝐫𝐞𝐬𝐬 𝐑𝐞𝐥𝐞𝐚𝐬𝐞: 𝐈𝐧𝐚𝐮𝐠𝐮𝐫𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐂𝐒𝐈 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧 𝐁𝐮𝐦𝐭𝐡𝐚𝐧𝐠

The Department of Industry, under the Ministry of Industry, Commerce, and Employment, in partnership with the operator Mr. Sonam Dendup opened the 𝐟𝐨𝐮𝐫𝐭𝐡 𝐂𝐨𝐭𝐭𝐚𝐠𝐞 𝐚𝐧𝐝 𝐒𝐦𝐚𝐥𝐥 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 (𝐂𝐒𝐈) 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧 𝐁𝐮𝐦𝐭𝐡𝐚𝐧𝐠. The CSI Market is officially inaugurated on 29 April 2026. The event was graced by Venerable Lam Neten of Jakar Rabdey. Local entrepreneurs and representatives from government and the private sector also attended the event..

The CSI markets in the country are established with the aim to provide a dedicated platform for CSI products - to showcase and reach their products to customers. It functions as an aggregation hub whereby small quantities of products from the individual CSIs will be consolidated to achieve scale and reach. Besides catering to the domestic consumers, the CSI market will also explore international markets and focus on adding value to CSI products by improving packaging, labeling, and ensuring that local products meet the standards of export markets. Thus, it will act as a conduit for enhancing visibility and competitiveness of Bhutanese products in the regional and global markets.

The CSI Markets operate under a Public-Private Partnership model, with the government supporting the initial market establishment and private individuals managing and operating them. This is the fourth CSI Market established in Bhutan. The first market was launched in Thimphu in 2020, followed by a second market in Paro in 2023 and in Samdrup Jongkhar in 2024. Additionally, the Department has extended its efforts internationally, establishing CSI Markets in New York, USA, and Perth, Australia.

🌱𝐌𝐚𝐬𝐬 𝐏𝐥𝐚𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐃𝐫𝐢𝐯𝐞 𝐚𝐭 𝐍𝐨𝐫𝐛𝐮𝐠𝐚𝐧𝐠 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐏𝐚𝐫𝐤, 𝐒𝐚𝐦𝐭𝐬𝐞

A mass plantation drive was successfully carried out at 𝐍𝐨𝐫𝐛𝐮𝐠𝐚𝐧𝐠 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐏𝐚𝐫𝐤 𝐨𝐧 𝐀𝐩𝐫𝐢𝐥 𝟐𝟑, 𝟐𝟎𝟐𝟔 as part of ongoing efforts to promote environmental sustainability and enhance the ecological value of the area. The initiative focused on plantation and site development activities outside the industrial boundary, contributing to greener surroundings and improved landscape aesthetics.

The program was 𝐠𝐫𝐚𝐜𝐞𝐝 𝐛𝐲 𝐋𝐚𝐦 𝐍𝐞𝐭𝐞𝐧 𝐨𝐟 𝐒𝐚𝐦𝐭𝐬𝐞 and witnessed active participation from the 𝐨𝐟𝐟𝐢𝐜𝐢𝐚𝐥𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐃𝐞𝐩𝐚𝐫𝐭𝐦𝐞𝐧𝐭 𝐨𝐟 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲, 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬 𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐰𝐢𝐭𝐡𝐢𝐧 𝐍𝐨𝐫𝐛𝐮𝐠𝐚𝐧𝐠 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐏𝐚𝐫𝐤, 𝐍𝐨𝐫𝐛𝐮𝐠𝐚𝐧𝐠 𝐆𝐞𝐰𝐨𝐠 𝐀𝐝𝐦𝐢𝐧𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧, 𝐅𝐨𝐫𝐞𝐬𝐭 𝐑𝐚𝐧𝐠𝐞 𝐎𝐟𝐟𝐢𝐜𝐞𝐬, 𝐚𝐧𝐝 𝐨𝐭𝐡𝐞𝐫 𝐯𝐨𝐥𝐮𝐧𝐭𝐞𝐞𝐫𝐬. Participants collectively contributed to planting a significant number of saplings along the road median and in areas outside the Industrial Park.

The plantation drive not only aimed at increasing green cover but also at fostering a sense of environmental responsibility among all stakeholders. The collaborative effort reflects a shared commitment toward environmental conservation and sustainable development.

Such initiatives play a vital role in mitigating environmental impacts, improving air quality, and supporting long-term sustainability within the industrial ecosystem. Continued efforts in this direction will further strengthen the commitment to creating a balanced and eco-friendly industrial environment.

𝐒𝐞𝐥𝐞𝐜𝐭𝐞𝐝 𝐂𝐒𝐈𝐬 𝐟𝐨𝐫 𝟐𝐧𝐝 𝐒𝐨𝐮𝐭𝐡 𝐀𝐬𝐢𝐚 𝐓𝐫𝐚𝐝𝐞 𝐅𝐚𝐢𝐫, 𝐍𝐞𝐩𝐚𝐥 𝟐𝟎𝟐𝟔

The Department of Industry is pleased to announce the list of Cottage and Small Industries (CSIs) selected to participate in the upcoming 2nd South Asia Trade Fair 2026. The exhibition will be held in 𝐊𝐚𝐭𝐡𝐦𝐚𝐧𝐝𝐮, 𝐍𝐞𝐩𝐚𝐥, 𝐟𝐫𝐨𝐦 𝟕 - 𝟏𝟏 𝐌𝐚𝐲 𝟐𝟎𝟐𝟔.

1. Tse Organics
2. Druk Metho (Bhutan Blossoms)
3. Umami Condiments
4. Mineral Pigment Painting
5. Black Mountain Organic Green Tea
6. Himalayan Incense
7. Touch From Heaven
8. Deki Natural Dyes
9. Artdhi Bhutan
10. Nado Poizokhang
11. Heritage Craft Studio
12. Tsheyang apparels and accessories
13. Pure Bhutan

The Department will contact the selected CSIs regarding further procedures and participation arrangements.

Thank you.

🎪𝐂𝐨𝐭𝐭𝐚𝐠𝐞 𝐚𝐧𝐝 𝐒𝐦𝐚𝐥𝐥 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬 (𝐂𝐒𝐈𝐬) 𝐚𝐭 𝐭𝐡𝐞 𝐇𝐂𝐌𝐂 𝐅𝐨𝐨𝐝𝐄𝐱 𝟐𝟎𝟐𝟔 𝐢𝐧 𝐕𝐢𝐞𝐭𝐧𝐚𝐦

The Department of Industry under the Ministry of Industry, Commerce and Employment, Royal Government of Bhutan, in cognizant to the market access challenges faced by Cottage and Small Industries (CSIs), supported 𝐞𝐢𝐠𝐡𝐭 𝐂𝐒𝐈𝐬 𝐩𝐫𝐨𝐝𝐮𝐜𝐢𝐧𝐠 𝐟𝐨𝐨𝐝𝐬 𝐚𝐧𝐝 𝐛𝐞𝐯𝐞𝐫𝐚𝐠𝐞𝐬 to take part in the𝐇𝐨 𝐂𝐡𝐢 𝐌𝐢𝐧𝐡 𝐂𝐢𝐭𝐲 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐄𝐱𝐡𝐢𝐛𝐢𝐭𝐢𝐨𝐧 𝐨𝐟 𝐅𝐨𝐨𝐝 𝐚𝐧𝐝 𝐁𝐞𝐯𝐞𝐫𝐚𝐠𝐞𝐬 (𝐇𝐂𝐌𝐂 𝐅𝐨𝐨𝐝𝐄𝐱) 𝟐𝟎𝟐𝟔 in 𝐕𝐢𝐞𝐭𝐧𝐚𝐦 from 𝟏𝟓 𝐭𝐨 𝟏𝟖 𝐀𝐩𝐫𝐢𝐥. The team included a coordinating official from the department as well.

The international exhibition was themed “𝐆𝐥𝐨𝐛𝐚𝐥 𝐅𝐥𝐚𝐯𝐨𝐫𝐬-𝐕𝐢𝐞𝐭𝐧𝐚𝐦𝐞𝐬𝐞 𝐕𝐚𝐥𝐮𝐞𝐬”. The chief guest, in his opening ceremony, stated stated that the exhibition serves not only as a platform to showcase products that meet international standards with export potentials, but also as a forum to foster connections and business linkages. The event is said to have brought together 𝐨𝐯𝐞𝐫 𝟑𝟓𝟎 𝐝𝐨𝐦𝐞𝐬𝐭𝐢𝐜 𝐚𝐧𝐝 𝐢𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐞𝐧𝐭𝐞𝐫𝐩𝐫𝐢𝐬𝐞𝐬 along with participants from organizations and partners from more than 𝟐𝟎 𝐜𝐨𝐮𝐧𝐭𝐫𝐢𝐞𝐬 𝐚𝐧𝐝 𝐭𝐞𝐫𝐫𝐢𝐭𝐨𝐫𝐢𝐞𝐬.

The Bhutanese participants showcased and sold Bhutanese natural products such as 𝐡𝐞𝐫𝐛𝐚𝐥 𝐭𝐞𝐚, 𝐧𝐨𝐨𝐝𝐥𝐞𝐬, 𝐬𝐩𝐢𝐜𝐞𝐬, 𝐩𝐢𝐜𝐤𝐥𝐞𝐬, 𝐬𝐞𝐦𝐢-𝐜𝐚𝐧𝐝𝐢𝐞𝐬, 𝐬𝐞𝐚 𝐛𝐮𝐜𝐤𝐭𝐡𝐨𝐫𝐧 𝐣𝐮𝐢𝐜𝐞𝐬, 𝐫𝐚𝐰 𝐡𝐨𝐧𝐞𝐲, 𝐜𝐨𝐟𝐟𝐞𝐞 𝐚𝐧𝐝 𝐬𝐡𝐢𝐥𝐚𝐣𝐢𝐭.

During the event, participants actively engaged in showcasing Bhutanese products and made sales. Besides, they were able to meet many fellow exhibitors and other business entities such as supermarkets and retailers in the B2B linkage activity initiated by the event organizers. Moreover, they gained valuable exposure and information that would help their products pe*****te Vietnamese markets in future.

📢𝐀𝐧𝐧𝐨𝐮𝐧𝐜𝐞𝐦𝐞𝐧𝐭: 𝐏𝐚𝐫𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐭𝐡𝐞 𝐒𝐨𝐮𝐭𝐡 𝐀𝐬𝐢𝐚 𝐓𝐫𝐚𝐝𝐞 𝐅𝐚𝐢𝐫 𝐢𝐧 𝐍𝐞𝐩𝐚𝐥

The Department of Industry, Ministry of Industry, Commerce and Employment, is pleased to invite applications from𝐥𝐢𝐜𝐞𝐧𝐬𝐞𝐝 𝐜𝐨𝐭𝐭𝐚𝐠𝐞 𝐚𝐧𝐝 𝐬𝐦𝐚𝐥𝐥 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬 (𝐂𝐒𝐈𝐬) 𝐞𝐧𝐠𝐚𝐠𝐞𝐝 𝐢𝐧 𝐩𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐦𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐚𝐜𝐭𝐢𝐯𝐢𝐭𝐢𝐞𝐬 to participate in the upcoming 2nd South Asia Trade Fair. The exhibition will be held in 𝐊𝐚𝐭𝐡𝐦𝐚𝐧𝐝𝐮, 𝐍𝐞𝐩𝐚𝐥, 𝐟𝐫𝐨𝐦 𝟕 – 𝟏𝟏 𝐌𝐚𝐲 𝟐𝟎𝟐𝟔. Preference will be given to CSIs from the following sectors:

● Textile and fashion
● Arts and crafts
● Value-added agri and forest products

This initiative aims to support export-ready CSIs by providing a platform to explore and expand international market opportunities, engaging directly with potential foreign buyers.

The support will be provided on a cost-sharing basis. 𝐓𝐡𝐞 𝐃𝐞𝐩𝐚𝐫𝐭𝐦𝐞𝐧𝐭 𝐰𝐢𝐥𝐥 𝐜𝐨𝐯𝐞𝐫 𝐫𝐨𝐮𝐧𝐝-𝐭𝐫𝐢𝐩 𝐞𝐜𝐨𝐧𝐨𝐦𝐲 𝐚𝐢𝐫𝐟𝐚𝐫𝐞, 𝐞𝐱𝐡𝐢𝐛𝐢𝐭𝐢𝐨𝐧 𝐛𝐨𝐨𝐭𝐡 𝐟𝐞𝐞𝐬, 𝐚𝐧𝐝 𝐞𝐱𝐜𝐞𝐬𝐬 𝐛𝐚𝐠𝐠𝐚𝐠𝐞 𝐚𝐥𝐥𝐨𝐰𝐚𝐧𝐜𝐞 𝐮𝐩 𝐭𝐨 𝐚 𝐦𝐚𝐱𝐢𝐦𝐮𝐦 𝐨𝐟 𝟐𝟎 𝐤𝐢𝐥𝐨𝐠𝐫𝐚𝐦𝐬 𝐩𝐞𝐫 𝐩𝐚𝐫𝐭𝐢𝐜𝐢𝐩𝐚𝐧𝐭 𝐨𝐧𝐥𝐲. Selected CSIs will be responsible for visa processing, accommodation, meals and any additional incidental expenses.

Selection will be based on, but not limited to, the following criteria:

1. Export readiness (certifications, quality standards, and packaging, etc.)
2. Uniqueness of the product – reflecting Bhutanese culture and innovation
3. Production capacity
4. Product variety
5. Adequacy of inventory for the exhibition purpose
6. Whether availed similar support in the past

Interested and eligible CSIs are encouraged to apply by completing the attached Google Form 𝐧𝐨 𝐥𝐚𝐭𝐞𝐫 𝐭𝐡𝐚𝐧 𝟒:𝟎𝟎 𝐏𝐌 𝐨𝐧 𝟐𝟐𝐧𝐝 𝐀𝐩𝐫𝐢𝐥, 𝟐𝟎𝟐𝟔.

For any further information or clarification, please call 02-332741 during office hours.

Google Form: https://forms.gle/CQbQN6JrptneNANa6

docs.google.com

𝐒𝐞𝐥𝐞𝐜𝐭𝐞𝐝 𝐂𝐒𝐈𝐬 𝐟𝐨𝐫 𝐇𝐨 𝐂𝐡𝐢 𝐌𝐢𝐧𝐡 𝐂𝐢𝐭𝐲 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐄𝐱𝐡𝐢𝐛𝐢𝐭𝐢𝐨𝐧 𝐨𝐟 𝐅𝐨𝐨𝐝 𝐚𝐧𝐝 𝐁𝐞𝐯𝐞𝐫𝐚𝐠𝐞𝐬 𝟐𝟎𝟐𝟔

The Department of Industry is pleased to announce the list of Cottage and Small Industries (CSIs) selected to participate in the upcoming Ho Chi Minh City International Exhibition of Food and Beverages 2026 (HCMC FOODEX 2026). This participation provides an important platform for Bhutanese CSIs to showcase their products, explore international market opportunities, and strengthen global linkages.

𝐋𝐢𝐬𝐭 𝐨𝐟 𝐒𝐞𝐥𝐞𝐜𝐭𝐞𝐝 𝐂𝐒𝐈𝐬:
1. Bhutan Ramen — Phuntsho Wangmo
2. NTT Fengsi Production — Sonam Zangmo
3. Bhutan Organics — Partnership
4. Chuniding Food — Kesang Choedon / Yeshey Choden
5. Tsheryjor’s Ayzey — Tshewang Dem
6. Mountain Coffee Curing — Karma Chime
7. Gurjo Herbal Tea — Bidyash Chhetri
8. Crystal Moon Products — Chimi Dema

The Department will be in touch with the selected CSIs shortly regarding further procedures and participation arrangements.

Thank you

📢𝐀𝐧𝐧𝐨𝐮𝐧𝐜𝐞𝐦𝐞𝐧𝐭: 𝐏𝐚𝐫𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐢𝐨𝐧 𝐢𝐧 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐅𝐨𝐨𝐝 𝐚𝐧𝐝 𝐁𝐞𝐯𝐞𝐫𝐚𝐠𝐞 𝐄𝐱𝐡𝐢𝐛𝐢𝐭𝐢𝐨𝐧 𝐢𝐧 𝐕𝐢𝐞𝐭𝐧𝐚𝐦

The Department of Industry, Ministry of Industry, Commerce and Employment is pleased to invite applications from cottage and small industries (CSIs) engaged in production and manufacturing of food and beverage products to participate in the upcoming 𝐇𝐨 𝐂𝐡𝐢 𝐌𝐢𝐧𝐡 𝐂𝐢𝐭𝐲 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐄𝐱𝐡𝐢𝐛𝐢𝐭𝐢𝐨𝐧 𝐨𝐟 𝐅𝐨𝐨𝐝 𝐚𝐧𝐝 𝐁𝐞𝐯𝐞𝐫𝐚𝐠𝐞𝐬 𝟐𝟎𝟐𝟔 (𝐇𝐂𝐌𝐂 𝐅𝐎𝐎𝐃𝐄𝐗 𝟐𝟎𝟐𝟔).

The exhibition will be held in 𝐇𝐨 𝐂𝐡𝐢 𝐌𝐢𝐧𝐡 𝐂𝐢𝐭𝐲, 𝐕𝐢𝐞𝐭𝐧𝐚𝐦from 𝟏𝟓 – 𝟏𝟖 𝐀𝐩𝐫𝐢𝐥 𝟐𝟎𝟐𝟔.

This initiative aims to support export-ready food and beverage CSIs by providing a platform to explore and expand international market opportunities, engaging directly with potential foreign investors and buyers.

The support will be provided on a cost-sharing basis. 𝐓𝐡𝐞 𝐃𝐞𝐩𝐚𝐫𝐭𝐦𝐞𝐧𝐭 𝐰𝐢𝐥𝐥 𝐜𝐨𝐯𝐞𝐫 𝐫𝐨𝐮𝐧𝐝-𝐭𝐫𝐢𝐩 𝐞𝐜𝐨𝐧𝐨𝐦𝐲 𝐚𝐢𝐫𝐟𝐚𝐫𝐞 𝐚𝐧𝐝 𝐞𝐱𝐡𝐢𝐛𝐢𝐭𝐢𝐨𝐧 𝐛𝐨𝐨𝐭𝐡 𝐟𝐞𝐞𝐬 𝐨𝐧𝐥𝐲. Selected CSIs will be responsible for visa processing, accommodation, meals and any additional expenses including excess baggage.

Selection will be based on the following criteria:
1. Relevance of the products to the exhibition theme
2. Export readiness (certifications, quality standards, and packaging)
3. Uniqueness of the product – reflecting Bhutanese culture and innovation
4. Production capacity
5. Adequacy of inventory for the exhibition purpose

Interested and eligible CSIs are encouraged to apply by completing the attached Google Form by 𝐧𝐨 𝐥𝐚𝐭𝐞𝐫 𝐭𝐡𝐚𝐧 𝟒:𝟎𝟎 𝐏𝐌 𝐨𝐧 𝟔 𝐭𝐡 𝐀𝐩𝐫𝐢𝐥, 𝟐𝟎𝟐𝟔.

Google Form:
https://forms.gle/7Bin2rx6i1AE27449

docs.google.com

𝐂𝐚𝐥𝐥 𝐟𝐨𝐫 𝐏𝐫𝐨𝐣𝐞𝐜𝐭 𝐏𝐫𝐨𝐩𝐨𝐬𝐚𝐥𝐬 – 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐑𝐨𝐚𝐝𝐬𝐡𝐨𝐰 𝟐𝟎𝟐𝟔

The Department of Industry, Ministry of Industry, Commerce and Employment, Royal Government of Bhutan, invites Bhutanese private sector companies and entrepreneurs to submit investment-ready project proposals for participation in the 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐑𝐨𝐚𝐝𝐬𝐡𝐨𝐰 𝐢𝐧 𝐓𝐡𝐚𝐢𝐥𝐚𝐧𝐝 𝐚𝐧𝐝 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞 (𝐌𝐚𝐲 𝟐𝟎𝟐𝟔).

This Roadshow aims to connect Bhutanese businesses with potential foreign investors, create strategic partnerships, and showcase high-potential projects aligned with the FDI Rules and Regulations 2025.

📅 𝐒𝐮𝐛𝐦𝐢𝐬𝐬𝐢𝐨𝐧 𝐃𝐞𝐚𝐝𝐥𝐢𝐧𝐞: 𝐌𝐚𝐫𝐜𝐡 𝟑𝟏, 𝟐𝟎𝟐𝟔�
📩 Submit your proposal: [email protected]�
📄 Scan the QR code in the poster to access the application template.

Selected project proposals will be informed via email.

📢 𝐍𝐨𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐭𝐨 𝐑𝐞𝐚𝐥 𝐄𝐬𝐭𝐚𝐭𝐞 𝐀𝐠𝐞𝐧𝐭𝐬 - 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝑺𝒕𝒂𝒏𝒅𝒂𝒓𝒅 𝑶𝒑𝒆𝒓𝒂𝒕𝒊𝒏𝒈 𝑷𝒓𝒐𝒄𝒆𝒅𝒖𝒓𝒆 𝒐𝒏 𝑳𝒊𝒄𝒆𝒏𝒔𝒊𝒏𝒈, 𝑴𝒐𝒏𝒊𝒕𝒐𝒓𝒊𝒏𝒈 𝒂𝒏𝒅 𝑺𝒖𝒑𝒆𝒓𝒗𝒊𝒔𝒊𝒏𝒈 𝒐𝒇 𝑹𝒆𝒂𝒍 𝑬𝒔𝒕𝒂𝒕𝒆 𝑨𝒈𝒆𝒏𝒕𝒔 𝒇𝒐𝒓 𝑨𝒏𝒕𝒊-𝑴𝒐𝒏𝒆𝒚 𝑳𝒂𝒖𝒏𝒅𝒆𝒓𝒊𝒏𝒈 𝒂𝒏𝒅 𝑪𝒐𝒖𝒏𝒕𝒆𝒓𝒊𝒏𝒈 𝒕𝒉𝒆 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒏𝒈 𝒐𝒇 𝑻𝒆𝒓𝒓𝒐𝒓𝒊𝒔𝒎 𝗶𝘀𝘀𝘂𝗲𝗱 𝐛𝐲 𝐭𝐡𝐞 𝐃𝐞𝐩𝐚𝐫𝐭𝐦𝐞𝐧𝐭 𝐨𝐟 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐚𝐧𝐝 𝐭𝐡𝐞 𝑨𝒏𝒕𝒊-𝑴𝒐𝒏𝒆𝒚 𝑳𝒂𝒖𝒏𝒅𝒆𝒓𝒊𝒏𝒈 𝒂𝒏𝒅 𝑪𝒐𝒖𝒏𝒕𝒆𝒓𝒊𝒏𝒈 𝒕𝒉𝒆 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒏𝒈 𝒐𝒇 𝑻𝒆𝒓𝒓𝒐𝒓𝒊𝒔𝒎 (𝑨𝑴𝑳/𝑪𝑭𝑻) 𝑮𝒖𝒊𝒅𝒆𝒍𝒊𝒏𝒆𝒔 𝒇𝒐𝒓 𝑫𝒆𝒔𝒊𝒈𝒏𝒂𝒕𝒆𝒅 𝑵𝒐𝒏-𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝑩𝒖𝒔𝒊𝒏𝒆𝒔𝒔𝒆𝒔 𝒂𝒏𝒅 𝑷𝒓𝒐𝒇𝒆𝒔𝒔𝒊𝒐𝒏𝒔 𝐢𝐬𝐬𝐮𝐞𝐝 𝐛𝐲 𝐭𝐡𝐞 𝐑𝐨𝐲𝐚𝐥 𝐌𝐨𝐧𝐞𝐭𝐚𝐫𝐲 𝐀𝐮𝐭𝐡𝐨𝐫𝐢𝐭𝐲 𝐨𝐟 𝐁𝐡𝐮𝐭𝐚𝐧 (𝐑𝐌𝐀)