Coinciding with Her Majesty The Gyaltsuen’s birthday, Bhutan’s 21st-Century Economic Roadmap: A 10X National Economic Vision was officially launched today. The launch marks the full-scale implementation and operationalisation of this ambitious plan, which seeks to multiply the nation’s GDP tenfold by 2050.
Bhutan’s GDP was Nu 185bn in 2023. The vision aims to increase it to Nu 1,850bn by 2050 with at least 10 per cent annual growth.
The vision outlines the national goals and plans to achieve a developed country status with full employment, and a diversified economy by 2034 led by DHI and the private sector.
“We must not rely solely on the hydropower sector. Instead, we should leverage its success to create opportunities in other areas such as technology and industry development, including IT, data centres, AI, blockchain, and ICT to benefit our economy, our youth, and our future,” said Tshering Tobgay, Prime Minister.
The core industries identified are hydropower, agriculture and tourism.
The plans include increasing power capacity to 25,000 MW by 2050, expanding into solar, wind, and other renewables, boosting exports of organic and niche products, and upgrading tourism by focusing on wellness, adventure, and premium experiences. The prime minister said accelerating the country’s growth is crucial to align with the GMC project.
“When significant progress is made in Gelephu and it proves successful, we must work hard across the country, embracing an enlightened entrepreneurial mindset, so that the Diamond Strategy can be effectively implemented,” said Tshering Tobgay, Prime Minister.
According to Bhutan’s 21st-Century Economic Roadmap, five key sectors: digital economy, wellness, education services, advanced manufacturing, and sustainable mining have been identified to drive growth.
Laws will be updated to ensure a clear and transparent system. A business-friendly environment will be created to attract local and foreign investments, and upskilling programmes will be carried out. Improving transport, energy, and digital networks, among others, are other strategies.
A Vision Delivery Unit will be established within the Office of the Cabinet Affairs and Strategic Coordination to drive execution, monitor progress, and coordinate across agencies.
Kinzang Lhadon
Edited by Kipchu
