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Where it all began
Bhutan experienced a dramatic shift from a traditional home-based society to a modern economy when the first national highway connecting the capital city Thimphu with the border town of Phuentsholing was built in 1961. It was the nation’s first mega project, from which various economic activities spread across the country. Mr. Omtay Penjor, Chairman of Yarkay Group was in his early twenties during this time.
Horticulture development was initiated by the Third King Jigme Dorji Wangchuck, who is widely regarded in Bhutan as the Father of The Nation. It was his vision, which, as clearly stated in the foreword of his book on Planting an Orchard (1968) “Our country, the Kingdom of Bhutan, land of Buddhism, is a wonderful place. The variations in altitude and climatic conditions in different regions of Bhutan provide great scope for the growing of different fruits.”
His Majesty believed that if other Himalayan regions could capitalise on the cool mountains for sub-tropical crops, so could Bhutan. Therefore, in keeping with the vision of His Majesty, Mr. Omtay Penjor with a meager working capital started on his first business of growing apples and then developing an apple orchard on the 50 acres of land that he was allotted in 1967. Thus began the journey of the young entrepreneur. With the country embarking on developing its infrastructure Mr. Omtay Penjor got into the construction business and in 1970 was awarded the contract to build the road from Lobeysa to Punakha. This road is still in use today establishing the time tested quality of the work done. Thereafter, many more projects followed, and with the successful completion of each project the respect and good reputation grew. Through sheer determination and hard work, he started his next venture- that of manufacturing Bhutanese tea, or ‘Jari’ in Phuentsholing.
This was a small effort by the young Omtay Penjor to contribute to nation building by reducing the country’s dependency on imports and being self-reliant. Until that time, all Jari was imported from India. In a bid to keep growing with the changing economy, Mr. Omtay Penjor and his wife (Aum) Phub Zam together formally registered the company, Yarkay Group in 1976. Phub Zam conceptualized the name ‘Yarkay,’ which translates to success or prosperity. During that time it was rare to see women in business, however, that did not faze (Aum) Phub Zam who established (what was then known as) a foreign goods shop selling clothes, baby clothes, shoes, music cassettes etc. The shop was very popular and became one of the most sought after outlets in Phuentsholing. Eventually many shop owners started following her style of the shop display (including those that had been in the business long before she started) and people generally appreciated the innovative interior designs and choice of goods available.
In the same shop (Aum) Phub Zam started recording and selling Bhutanese songs on audio cassettes. A SONY recorder from Hong Kong was imported which recorded 3 audio cassettes a time in 3 minutes. The covers of the audio cassettes were pictures of the different Dzongs and labeling of the songs were rubber stamped from numbers 1-20. People were very fascinated and thrilled to get Bhutanese songs on audio tapes and the cassettes sold like hot cakes. With (Aum) Phub Zam’s involvement, the company further expanded its construction base and diversified into trading, transportation and manufacturing businesses. United in their entrepreneurial spirit, the couple Mr. Omtay Penjor and (Aum) Phub Zam saw opportunities where others saw difficulties. With their determination, drive and diligence, they have kept the company moving forward and today Yarkay Group has become one of the leading, well respected and privately owned business houses in the country.
Under the leadership of Mr. Omtay Penjor and (Aum) Phub Zam’s wise and far-sighted vision, the company remained true to its founding principles of innovation, excellence, quality and hard work. These are the hallmarks of the Group’s business success and have remained its ‘mantra’ till today.
