His Majesty The King’s vision for Bhutan’s economic transformation recognised a fundamental reality: a modern economy requires more than a government that regulates and facilitates. It requires an institution that can actively participate, invest, innovate and create value for the nation. This vision led to the creation of the Fourth Arm of the State, the Commercial Arm, entrusted with managing the Royal Government of Bhutan’s existing and future investments for the long-term benefit of the people. Druk Holdings and Investments (DHI) was born in 2007 through a Royal Charter.
Today, DHI has evolved from being a custodian of state assets into a strategic institution driving investment, innovation, entrepreneurship and economic development. It has become one of the most important instruments in Bhutan’s journey towards building a resilient, diversified and future-ready economy.
There is often a simplistic argument that organisations with strong foundations and valuable assets will naturally succeed. Since DHI oversees some of Bhutan’s most profitable and strategic enterprises, including hydropower companies, telecommunications, finance and other sectors, success may appear inevitable. But history tells us that assets alone do not create transformation. Resources create possibilities; vision, ambition and leadership turn those possibilities into reality.
The true strength of an institution lies not only in what it possesses today, but in its ability to imagine what is possible tomorrow. DHI’s journey demonstrates this understanding. It has moved beyond simply managing existing investments and has increasingly positioned itself as an institution that explores new frontiers, embraces technology, supports innovation and seeks opportunities aligned with Bhutan’s long-term national aspirations.
DHI’s 10X Roadmap reflects this forward-looking approach. It signals a shift towards strategic investments in areas such as renewable energy, advanced technology, digital innovation, infrastructure and emerging industries. The exploration of areas such as green hydrogen, geothermal energy and artificial intelligence infrastructure shows an understanding that Bhutan cannot build its future economy by depending only on traditional sectors.
DHI’s role becomes even more significant within His Majesty’s Diamond Strategy, which represents a vision of balanced national development, where economic opportunities are not concentrated in one location but spread across different regions, allowing every part of Bhutan to contribute to and benefit from growth. While the Gelephu Mindfulness City (GMC) represents a transformational opportunity and a new economic gateway, Bhutan’s development cannot be limited to one geographic point.
A diamond does not derive its value from a single edge. Its brilliance comes from the strength and alignment of all its facets. Similarly, Bhutan’s economic future will depend on the collective contribution of every region, sector and institution.
The world is changing rapidly. Artificial intelligence, climate change, shifting global markets and technological disruption are reshaping economies. Bhutan cannot afford institutions that merely preserve what exists; it needs institutions that build what is possible. We require institutions showing the importance of ambition, innovation and long-term thinking. And at this point, institutions across the country have to embrace the same spirit and contribute towards building an economy that reflects the aspirations of a changing Bhutan.
In more ways than one, DHI’s approach to investment, innovation and entrepreneurship offers a powerful model of how institutions can become instruments of national transformation. Its role has evolved beyond managing existing assets and generating financial returns; it has increasingly focused on identifying opportunities, unlocking potential and creating value across the country. It is looking inward to understand Bhutan’s unique strengths, its natural resources, human capital, environmental wealth, strategic location and cultural assets, and looking outward to identify what the world needs and where Bhutan can create a meaningful place.
Thus, there is much to learn and emulate from DHI’s journey, the importance of ambition, strategic thinking and the willingness to invest in possibilities that may define Bhutan’s next chapter.
