That the government recognised the importance  of entrepreneurs and the private sector to achieve its ambitious target of doubling the country’s gross domestic product from USD 2.25 billion to USD 5 billion in the next five years, by 2029, is well received. How will they be taken in to play their part is the question, ask those watching the developments.

With the issues surrounding the economic stimulus plan and the earmarked budget, many are expecting that once the ESP rolls out, there will be a flurry of activities that will stir the dormant economy and generate jobs. However, it is not only money or funds that many say will reactivate the economy or help the government achieve its massive target of doubling the GDP in five years.

Those waiting and watching the events unfold want more than soft loans or access to finance. They want favourable policies that will encourage businesses- small, medium or large, to kickstart and prepare, in their words, to live up to the expectation of the country’s vision. 

Without enough jobs for all university graduates or those graduating at different levels, the private sector was expected to absorb the increasing number of job seekers. Then came the trend of encouraging people to be job creators instead of job seekers. Today, while the buzz is about entrepreneurship, many are finding challenges to kickstart their ideas or let it thrive.

If access to finance was a challenge, many are finding that our policies, the bureaucratic process or the red tape is the biggest hurdle. A good example is unfriendly policies to let local businesses or ideas grow. As small as we are, the marker for local businesses is limited. Local produce whether it is manufactured or homemade cannot compete with imported goods. Our producers, whether it is an ice cream or yogurt or cheese, are already at a loss when considering the cost of production.

Make in Bhutan is not a priority, many say, even when it is a competitive product. The limited market always priortise price without considering the opportunity for local businesses to grow. Purchasing or getting it done outside the country, while cheaper is not letting local initiatives or business grow. The call is for changes in policies to let local businesses and entrepreneurs grow and develop. In seeking support from the government, our entrepreneurs are looking beyond just funds. 

The Druk Tshongrig Gatoen, an event to innovate, elevate a knowledge -driven entrepreneurship is a good reflection point. If it could serve as an essential platform where innovation intersects with social responsibility and aligns closely with the nation’s developmental goals, it is a starting point to recognize them.

If decision makers  are committed to entrepreneurship to  support  young entrepreneurs, acknowledge their critical role in diversifying the economy, combat unemployment and addressing urgent social and environmental challenges,  they should lend a listening ear to their challenges.

In today’s case, it is not only about funds. They are after ease of doing business, reduced red tape and living up to the speeches and addresses made at events. An entrepreneur who ventured into dairy farming was shocked when the ice creams in the country  are sourced from as far as South India and a lot cheaper.  With policy interventions, he feels he could supply better and healthier ice creams children consume.