Coinciding with His Majesty The King’s 45th birthday, the government launched Bhutan’s 21st Century Economic Roadmap – a 10X National Economic Vision in Thimphu on 21st February. The Minister for Industry, Commerce, and Employment said the roadmap lays the foundation for a resilient, inclusive, and sustainable economy, aligning with Bhutan’s values and aspirations.
Bhutan’s 21st Century Economic Roadmap – A 10X National Economic Vision will serve as a guiding framework for Bhutan’s economic policies, programmes, and investments. The vision charts out Bhutan’s ambitions, priority sectors for investments, and the enablers that will accelerate the delivery of the Economic Vision.
According to a news release from the Prime Minister’s Office, the 10X Vision is in line with His Majesty’s address on the 112th National Day, where His Majesty called for a clear economic roadmap that empowers every individual and institution to play a role in achieving national self-reliance, proactively adapt to a fast-changing world, and foster prosperity.
Some of the ambitions of the roadmap include increasing the country’s gross domestic product by ten times and increasing the private sector’s contribution to GDP to at least 60 per cent by 2050, and establishing Bhutan as a leader in key sectors of sustainability, agriculture, digital, and tourism among others.
The vision emphasizes the continued importance of Bhutan’s three main industries: hydropower, agriculture, and tourism ensuring their sustained contribution of up to 35 per cent to GDP.
The 10X Vision also focuses on investing in promising new industries to diversify the country’s economy. These new industries such as the digital economy, international education services hubs, and Mining and Mineral Processing among others are expected to contribute up to 50 per cent to GDP by 2050.
“To accelerate economic growth and ensure its success, policies and systems will be made more supportive of the private sector, providing development opportunities. It will also focus on enhancing human resources skills, improving infrastructure and airports, increasing energy access, and strengthening financial ecosystems. Additionally, this will promote a culture of innovation within the community,” said Namgyal Dorji, Industry, Commerce and Employment Minister.
To achieve the vision, the government has committed Nu 85bn to support entrepreneurship and start-ups in the country.
“For a country’s economy to grow, regardless of its location in the world, it is essential to support and guide entrepreneurship and start-ups. Therefore, the government is allocating Nu 85bn, equivalent to USD 100 M, to promote entrepreneurship and start-ups,” said Namgyal Dorji, Industry, Commerce and Employment Minister.
A Vision Delivery Unit will be set up under the Office of Cabinet Affairs and Strategic Coordination to collaborate with implementing agencies and the private sector to start implementation of the Vision.
The minister urged all Bhutanese to make a collective effort to transform Bhutan’s economy and contribute to shaping a prosperous future for the country.
Kinzang Lhadon
Edited by Phub Gyem
