Although Bhutan's figure is comparable to its immediate neighbours Bangladesh and Nepal, a comparison with best performers such as Cambodia and Maldives not only shows where Bhutan is losing out but also shows the potential that exists.

Bhutan and other similar landlocked LDCs would do well to attract more private investment, in particular FDI, for which reform measures may not be enough. Identifying sectors of interest to foreign investors, attracting FDI to industrial parks, strengthening the capacity of investment promotion agencies and inter-government coordination should be explored.

The small size of the Bhutanese market has remained a disincentive to foreign investment in the country. Therefore, a promotion campaign inviting foreign investors to consider Bhutan's neighbouring countries, with which it has bilateral or regional free-trade agreements, as an extended market would be extremely useful.

Bhutan's constraints and challenges will certainly resonate with similar land-locked, soon graduating, or simply small, countries. It is however their out-of-the-box thinking and intrepid spirit that can and should be emulated.