Market Research in Bhutan
Bhutan is a remote, tiny kingdom nestling in the Himalayas. It lies between its powerful neighbors, China and India. Drak Yul, the country’s Bhutanese name, means Land of the Thunder Dragon.
The Wangchuck monarchy has been in power in Bhutan since 1907. For centuries, Bhutan cut itself off from the outside world. It feared that outsiders would undermine its monarchy and culture. It opened in the 1970s, with television and the Internet appearing only in 1999.
Most of the activity comes from cottage industries because craggy mountains extend across the terrain. Thus, it’s expensive and difficult to build roads and other infrastructure.
Agriculture, hydropower, and forestry are the main sources of income for Bhutan. Over 50 percent its people live off these industries.
Hydropower to India is Bhutan’s main export. It can spur growth in the near future once Bhutan sorts out chronic delays in construction.
The economy has grown at a moderate pace post-pandemic. All the data points to that growth continuing over the next few years. Moreover, the country’s modest tax burden supports economic freedom. On the downside, Bhutan has a growing trade deficit. Rising import costs have also impacted the country’s financial health. The government is responding. It has put systems in place to control the prices of essential goods.
Thimpu is the capital and largest city in Bhutan. It has the distinction of being the third-highest capital city in the world. La Paz is the highest and Quito the second-highest.
Paro is a small town located in a valley with the same name. It’s an excellent location for those who like being close to nature. It’s also a wonderful place to visit if you want to see sacred spaces.
Trongsa Dzong is another excellent place to be in Bhutan. Located in the country’s center, Trongsa Dzong sits atop a cliff. It provides a beautiful view of the Black Mountains and the surrounding valleys.
Benefits and Strengths in the Market
Bhutan has shifted to a new strategy. The country became a democratic constitutional monarchy in 2008. Since then, it has based everything on the principle of Gross National Happiness. As a matter of fact, Bhutan has made tremendous progress in promoting gender equality and reducing extreme poverty.
The country has abundant water resources in the valleys. They create the ideal conditions to develop the hydropower sector. This move has spurred further growth. Another key point is that the entire country has access to low-cost electricity.
Bhutan is going through a period of rapid change. The population of the capital, Thimpu, has grown almost five-fold in the last few decades. Despite so many people moving to urban areas, 60 percent of Bhutanese still live in rural areas. The informal sector dominates the economy. Only 23 percent of employment is “regular paid.” Officially, Bhutan is a secular state, but three-quarters of the people practice Buddhism.
Reasons to Grow Your Business in the Bhutanese Market
Setting up a business in Bhutan is a great choice. The country offers many advantages. Our tourism market research in Bhutan has shown great potential. It’s so great that the government has had to put a cap on visitor arrivals.
Bhutanese often study abroad and then return home. Thus, you will have access to skilled human resources, many of whom are English-speaking.
About Market Research in Bhutan
Pinpoint and track key market trends, insights, as well as drivers behind the latest market changes. See the effects of the current pandemic on the market in both the short and medium term. SIS International is a full-service market research agency. We specialize in B2B market research. SIS provides Qualitative and Quantitative data collection and UX Market Research. We also offer Competitive Analysis and Strategy Market Research. Furthermore, you can get expert-verified market data from Focus groups, Surveys, and Interview intel.