In an ambitious stride towards economic transformation, Bhutan’s government unveiled a bold plan to double the nation’s Gross Domestic Product (GDP) from USD 2.5 billion to USD 5 billion by 2029. Central to this vision is a robust emphasis on fostering entrepreneurship and expanding the business landscape, positioning these sectors as the primary engines of growth.
The first day of the 2024 Druk Tshongrig Gatoen (DTG) event, held yesterday in Changzamtog, Thimphu, spotlighted these economic ambitions under the theme “Innovate to Elevate: Knowledge-Driven Entrepreneurship for Social Impact.” Organized by the Loden Foundation in partnership with the Ministry of Industry, Commerce, and Employment, FAO Bhutan, Impact Hub Thimphu, and other key stakeholders, DTG serves as a vital platform for Bhutanese entrepreneurs to showcase innovation and engage in meaningful discourse.
Despite the government’s commitment, questions remain about the adequacy of support provided to entrepreneurs. Currently, Bhutan boasts 18,641 active business license holders, with only a fraction classified as large or medium-scale enterprises. Large-scale businesses represent just over one percent, while medium-scale accounts for 3.6 percent. The vast majority, approximately 70.59 percent, operate within the cottage and small industries (CSIs), highlighting a predominantly small-scale entrepreneurial ecosystem.
Labour Secretary Tashi Wangmo, speaking at the event, underscored DTG’s unique role in bridging innovation with social responsibility, aligning closely with Bhutan’s broader developmental objectives. “We are on a transformative journey to diversify our economy, reduce unemployment, and tackle pressing social and environmental challenges,” Wangmo stated. She pointed to the thriving CSI market in Thimphu, which sources products from over 300 small enterprises, signaling positive momentum.
This year’s DTG promises an enriched agenda with increased focus on business and entrepreneurship. Yeshey Samdrup from the DTG committee revealed that around 50 entrepreneurs will participate in presentations and interactive sessions, offering insights and engaging directly with government officials to address challenges and explore opportunities.
A distinctive feature of DTG 2024 is its celebration of Bhutan’s food and agriculture sectors, underscoring their critical role in the nation’s economy. The event showcased 30 stalls featuring a diverse range of products, including agricultural goods, religious artifacts, arts and crafts, food items, and health and wellness products. Notably, six new participants joined the exhibition, introducing innovative offerings such as Bio Mulchifier—a sustainable product developed by Class XI students from Yangchenphug Higher Secondary School. This invention transforms organic waste into nutrient-rich manure, aiming to mitigate campus waste and promote environmental sustainability.
Entrepreneurs like Sonam Dorji, an avocado vendor from Mongar, highlighted both the potential and the hurdles faced by local businesses. Despite gathering 800 kilograms of avocados for sale, Dorji managed to sell only 40 kilograms by midday, attributing the slow pace to limited market access. Similarly, Dilu Pradhan of Jinlab Agro Products from Tsirang expressed challenges in obtaining product certifications, restricting their ability to fully penetrate the market outside Thimphu.
Deo Kumari from Chukha, who sells dried vegetables, echoed the need for expanded market avenues, noting that nascent businesses struggle to gain traction without adequate support and visibility. These testimonials underscore the critical need for enhanced governmental support to realize Bhutan’s economic aspirations.
In a significant development, DTG also launched tshongrig.com, a new online portal designed to support Bhutanese entrepreneurs and startups by providing essential information and resources to bolster the nation’s entrepreneurial ecosystem.
As Bhutan marches towards its GDP goals, events like DTG 2024 play a pivotal role in nurturing the entrepreneurial spirit and driving sustainable economic growth. The collaborative efforts of the government, private sector, and young innovators promise a dynamic and resilient future for Bhutan’s economy.
