Dear Editor,
I write as a young entrepreneur observing the rapid conversation around impact investment and blended finance now entering our national discourse. Bhutan stands at an economic crossroads. As our country aspires to strengthen its private sector—particularly in green energy, social innovation, and community-based enterprises—we are being asked whether we are ready to meet the standards of these modern financing instruments. The honest answer is: we are willing, but not yet fully prepared.
On one hand, Bhutan possesses an enviable moral and cultural foundation for impact investing. Ours is a nation that has long valued environmental stewardship, community wellbeing, and good governance. We speak naturally in the language global investors now prize: sustainability, social equity, and long-term value. Yet readiness is uneven. Many cottage and small industries still struggle with basic financial modeling, ESG reporting, and even access to reliable advisory services. This is not due to lack of vision, but rather a financial ecosystem still in its adolescence.
UN experts have noted that our banking systems and financial literacy frameworks remain limited, making it difficult to absorb complex instruments like blended finance. Add to this the “small-market problem”—a persistent structural challenge that discourages international investors who often require scale, liquidity, and exit pathways.
Entrepreneurs like myself welcome innovation, but we must also acknowledge the administrative burdens, new compliance regimes, and shortage of professional expertise accompanying this shift. If Bhutan is to truly attract impact investors, we must strengthen governance, financial structuring, and investment readiness rather than merely adopt the terminology of global finance.
We are not asking for shortcuts. What we need is capacity building, supportive policy, and technical guidance so that the promise of sustainable finance can match Bhutan’s aspirations.
Yours faithfully,
Tsheten Dorji
Founder, Horizon Ventures
