The document serves as a frame of reference to guide the development of national strategies for bioeconomy development. We propose a strategic framework based on four pillars: a) the 2030 Agenda; b) the Paris Agreement on Climate Change and individual country commitments expressed in their nationally determined contributions; c) social inclusion and territorial development; and d) innovation and productive diversification for decarbonization. The document identifies key structural factors for the development of bioeconomy strategies, with the common goal of moving towards sustainability. The document also identifies limitations, needs, opportunities and precautions to consider in the development of such strategies. Adequate knowledge of available biological resources, related scientific and technological capabilities and market potential and consumer acceptance of new bioeconomy products are required to tap the full potential offered by the bioeconomy. Still, the development of an inclusive, sustainable and competitive bioeconomy can be hindered by several factors, including the lack of adequate regulatory frameworks, contradictory regulatory frameworks, insufficient coordination of existing technical and technological capabilities, market entry restrictions for bioeconomy-related small businesses, and lack of funds to enhance the creation of innovative business enterprises. Finally, we highlight the importance of international and intra-regional cooperation for the development of the bioeconomy, in particular, the facilitating and supportive role that regional technical and financial cooperation agencies can play.