The strategy "Formulating a 10X growth plan for Bhutan post-2025" aims to significantly boost the country's economy through diversification, trade enhancement, and strengthening human capital. By focusing on sectors like renewable energy, digital services, and tourism, Bhutan can attract investments and drive growth. For example, promoting the nation as an eco-tourism destination can increase tourism revenue while supporting sustainable development goals.
Enhancing trade relationships is another essential strategy. By entering free trade agreements and promoting Bhutanese products internationally, Bhutan can expand its global market presence. For instance, creating a national export brand can boost recognition and facilitate trust in Bhutanese goods.
Finally, strengthening human capital involves investing in education and vocational training to build a skilled workforce. This could include programs to retain talent within the country and encouraging lifelong learning. Modernizing education with technology and fostering academic collaborations can help prepare Bhutan for future economic challenges and opportunities.
The strategies
⛳️ Strategy 1: Diversify the economy
- Identify and prioritise emerging sectors for growth such as renewable energy, digital services, and tourism
- Create incentives for foreign and local investments in target sectors
- Develop infrastructure to support new industries, including transportation and communication networks
- Establish partnerships with international companies to transfer knowledge and technology
- Encourage innovation and entrepreneurship through grants and training programmes
- Review and reform regulations to make it easier for businesses to operate in new sectors
- Promote Bhutan as a destination for eco-tourism and digital nomads
- Invest in research and development to drive technological advancements
- Enhance educational pathways to align with diversified economic needs
- Monitor and evaluate the impact of diversification strategies and adjust accordingly
⛳️ Strategy 2: Enhance trade relationships
- Identify potential trade partners and enter bilateral free trade agreements
- Negotiate favourable trade terms for Bhutanese exports
- Promote Bhutanese products through international trade fairs and expos
- Strengthen diplomatic relationships to support economic growth
- Develop export infrastructure such as logistics hubs and customs facilities
- Implement training programmes to improve export capabilities of local businesses
- Use digital platforms to expand reach and market Bhutanese products globally
- Create a national export brand to increase recognition and trust
- Work with trade experts to identify and overcome barriers to international trade
- Regularly review trade policies to ensure they align with global trends and standards
⛳️ Strategy 3: Strengthen human capital
- Invest in education and vocational training to create a skilled workforce
- Develop programmes to retain talented individuals within the country
- Enhance healthcare services to improve overall public health and workforce productivity
- Foster a culture of lifelong learning and continuous development
- Attract international experts to share knowledge and skills with local professionals
- Implement policies to reduce brain drain and encourage Bhutanese expatriates to return
- Integrate technology into education systems to modernise learning environments
- Partner with universities for exchange programs and academic collaborations
- Support leadership development initiatives to prepare future leaders
- Assess and adapt educational programmes to meet evolving economic demands
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
