As Bhutanese, we are proud of our distinct identity. The most common narrative is how we take pride in our history, rich cultural heritage, pristine environment, carbon-negative status, and Gross National Happiness philosophy, among others. Overtime, these characteristics have contributed to building a strong national brand.

Yet, in a rapidly changing global economy, these characteristics, while advantageous, do not necessarily guarantee immediate, large-scale investments we need to propel ourselves into the future. The reality of our small market, compounded by a small population, is a barrier we can no longer ignore.

Tourism, often seen as a cornerstone of our country’s economy, provides a glaring example of the limitations of our current strategy. The government had pledged to attract 300,000 tourists annually, but this ambitious target was quickly revised to something more “plausible”. At best, such recalibrations amount to political whitewashing, and at worst, they highlight the urgent need for us to rethink our strategies and make bold, radical decisions that reflect the realities of the 21st century.

Our “small and quiet” charm may no longer serve our national interest in a world increasingly defined by cut-throat competition. Other countries in the region are also courting foreign direct investments and global talent, more aggressively than the other, offering a host of incentives that we must match or surpass.

If we cling to outdated approaches, we risk falling further behind. And the consequences of this will be dire. Forget economic stagnation, our national sovereignty and security will be at stake as we become increasingly dependent on external support.

For instance, we can start by introducing a temporary residency visa for foreign expats and talents. This visa, exempt from the Sustainable Development Fee, could allow professionals, entrepreneurs, and even long-term visitors to live and work in Bhutan. The influx of foreign talent would create demand for high-end housing, infrastructure, and services, spurring job creation and boosting the local economy.

This is just one among many reforms that we can introduce. The list can go on.

At the same time, we must confront the growing trend of our youth seeking opportunities abroad. Many young Bhutanese are also marrying foreigners, settling overseas, and buying properties abroad. This requires looking at our immigration, marriage, and citizenship laws, and others, through a fresh lens.

We must recalibrate our laws to suit the changing demands of the time. It is time we evolve and adapt while balancing the need to safeguard our heritage with the imperative to thrive in a globalised economy.

To retain talent and capital within the country, we must create an environment where our people see opportunities for growth and prosperity at home. This requires bold reforms to make our country an attractive place to live, work, and invest—not just for Bhutanese but also for foreigners.

Radical decisions often come with risks, but the cost of inaction is far greater. We must embrace change with an open mind and a willingness to experiment. This does not mean we compromise our values but instead we ensure that they remain relevant in an ever-changing world.