During the 116th National Day celebrations on December 17th, 2023, His Majesty the King announced the establishment of the Gelephu Mindfulness City (GMC), a visionary project that aims to bring new opportunities for growth, well-being, and sustainability to Bhutan. Since that pivotal moment, a year has passed, and Bhutan has witnessed a range of activities and initiatives that have laid the groundwork for the GMC’s development. Apart from His Majesty, the King’s visits to different parts of the world, selling and informing the world about GMC, there have been other developments, such as the establishment of the Gelephu Investment and Development Corporation (GIDC), appointment of GMC Board members and others, each contributing to its evolving vision. Business Bhutan takes a closer look at some of the most significant milestones, reflecting on the progress made so far and the promising future that lies ahead for this groundbreaking initiative.
On December 23, 2023, six days after the declaration, His Majesty The King graced the ground breaking (Salhang Tendrel) ceremony for the Gelephu International Airport. The ceremony was presided over by His Holiness the Je Khenpo and attended by the interim government, senior government officials, the Indian Ambassador, as well as lams and trulkus from all Buddhist traditions in Bhutan.
This ceremony underscored both the significance and urgency of the Airport for the development of GMC. The airport is a critical infrastructure component, which will be the gateway for both domestic and international connectivity. Its timely establishment is pivotal for ensuring seamless transportation, facilitating economic growth, and enhancing trade, tourism, and investment opportunities within the GMC and beyond.
Simultaneously, Salhang Tendrel ceremonies were held at nine other sites across the future Gelephu Mindfulness City, marking the auspicious beginning of a transformative development.
The Gelephu Investment and Development Corporation (GIDC) was established with a clear mandate to drive investment, economic growth, and development within the Gelephu Mindfulness City Special Administrative Region (GMCSAR). This strategic initiative aims to attract both Bhutanese and foreign enterprises, creating a thriving business environment that fosters innovation, infrastructure development, and sustainable economic progress.
In addition to its role within the GMCSAR, GIDC is also committed to making targeted investments both domestically and internationally, aligning these efforts with Bhutan’s broader national development goals. The Corporation carefully selects investment opportunities that not only accelerate the growth and transformation of GMCSAR but also contribute to the broader economic prosperity of the Kingdom.
In October 2024, ORO Bank, one of the flagship projects under GMC initiative, declared that it would become Asia’s first full-reserve digital bank. Designed to serve the residents and investors of GMC, the bank will also cater to entrepreneurs and individuals worldwide who are interested in financing start-ups, supporting disruptive industries, and accessing reliable banking services.
ORO Bank leverages cutting-edge technology, including artificial intelligence (AI), to provide innovative and secure financial solutions. Established in Bhutan and regulated by Bhutanese authorities, the bank aims to address critical challenges in the global banking sector.
Bhutan hosted the Bhutan Innovation Forum (BIF), which was held from October 1 to 3, 2024, at Dungkar Dzong in Pangbisa, Paro. The landmark event brought together global thought leaders, innovators, and entrepreneurs to explore and advance Bhutan’s vision of a mindfulness city. The forum served as a platform for fostering collaboration and exchange of ideas that align with the country’s unique development goals, integrating modern innovation with traditional values.
Over the course of the three-day event, participants engaged in a series of dynamic workshops, networking sessions, and interactive discussions. These sessions were aimed at providing actionable insights and solutions that can drive sustainable growth and promote mindfulness in development.
The forum was graced by a distinguished lineup of 125 speakers, including 20 CEOs, four Nobel Laureates, and an eclectic mix of thought leaders from a variety of fields. The diverse group of speakers included philosophers, philanthropists, economists, authors, professors, journalists, directors, consultants, as well as specialists in AI, law, analysis, and business. These experts, from approximately 60 countries, shared their knowledge and experiences, sparking enriching dialogues that transcended borders and disciplines.
In a significant move, His Majesty The King appointed Mun Leong Liew as the CEO of the pioneering Gelephu Mindfulness City (GMC) on October 1, 2024, to lead the development of this landmark initiative in the Kingdom’s Special Administrative Region. Along with the CEO appointment, His Majesty, who also serves as the Chairman of the Board of Directors (BOD) of the Mindfulness City, appointed Liew to the BOD, which includes distinguished individuals such as Joichi “Joi” Ito, Yee Ean Pang, Seow Hiang Lee, Arun Kapur, and Lauren Chung.
Furthermore, His Majesty named Ito as the Chairman of the GIDC, a key entity overseeing the city’s development and investment strategies.
In another key appointment, Dasho Dr. Lotay Tshering, former Prime Minister of Bhutan, was named the Governor of GMC on October 3, 2024. The appointment followed a recommendation from the Board of Directors of GMC during its inaugural meeting on October 1, 2024, held at Dungkar Dzong in Paro.
The BIF was followed by His Majesty the King’s maiden visit to Australia from October 10-18, which marked a pivotal moment in Bhutan-Australia relations. A key focus of the visit was the GMC, which provided a platform for Bhutanese to clarify their doubts and gain insights into the Royal vision. His Majesty emphasized that the GMC initiative is designed to ensure a bright future for all Bhutanese.
The Royal audiences in Australia offered a rare opportunity for Bhutanese to gain a deeper understanding of the GMC’s potential to transform Bhutan’s economy. It allowed them to access firsthand information and grasp the magnitude of the journey ahead, including the challenges and opportunities the GMC will create, as well as the resolve and solidarity required to achieve its success.
In another significant milestone, GIDC partnered with ORO Bank, to launch a nation-building campaign. The scheme was unveiled on November 11, 2024, coinciding with the birth anniversary of His Majesty the Fourth King.
This initiative not only offers a financial opportunity but also enables Bhutanese living abroad to actively contribute to shaping the shared vision for a thriving, mindful, and resilient Bhutan. Various investment options in GMC were made available to overseas Bhutanese. The fixed-term deposit (FTD) program is exclusively for Bhutanese residing overseas, providing them with a unique chance to actively engage in and support Bhutan’s future development.
The partnership was inspired by His Majesty the King’s engagement with Bhutanese communities abroad. Through these FTD subscriptions, ORO Bank will contribute to the development of the international airport by subscribing to a bond with GIDC, giving Non-Resident Bhutanese (NRBs) an exceptional opportunity to support the development of GMC while benefiting from stable and secure financial returns.
On November 17, 2024, His Majesty The King graced the groundbreaking (Salhang Tendrel) ceremony of the Gelephu Choeten, set to become a spiritual and cultural landmark in GMC.
Presided over by the Dorji Lopen of the Zhung Dratshang, the ceremony marked the start of the Royal Project. The choeten, inspired by the Jarong Khashor Stupa (Boudhanath Stupa) in Kathmandu, will span 108 acres in Dawathang, Chhuzagang. Measuring 108 meters by 108 meters and standing 45 meters tall, the structure carries profound spiritual significance tied to Guru Padmasambhava.
On 12th December 2024, His Majesty The King appointed Ming Z. Mei as a Founding Member of Gelephu Mindfulness City (GMC). Ming Z. Mei’s family trust, Humble Holdings, will invest in projects essential to the City’s initial development stages.
The GMC Founding Member programme is an exclusive, invite-only initiative that recognizes individuals whose expertise and experience will be pivotal to the success of GMC. Founding Members not only invest in the City’s development but also serve as advisors, offering specialized knowledge to help shape the future of this visionary project.
On December 16, 2024, a significant milestone was achieved with the signing of an agreement to establish the BIG South Asia office, which will be registered at GMC. The agreement was signed by Mun Leong Liew, CEO of GMC, Dasho Dr. Lotay Tshering, Governor of GMC; Bjarke Ingels, Founder and Creative Director of the renowned architecture firm BIG; and Giulia Frittoli, Partner in Charge of the GMC project for BIG.
This agreement marks a pivotal step in the development of GMC as a hub for innovation and architectural excellence. By setting up a dedicated office in GMC, BIG, one of the world’s leading architectural firms, further strengthens its commitment to the project and to the region. On December 18th, 2024, Matrixport, a global leader in cryptocurrency financial services, announced its application for a Financial Services Permission License to operate in GMC. This marks the first application under GMC’s newly launched regulatory framework for financial services and virtual assets, positioning Matrixport at the forefront of South Asia’s rapidly expanding digital finance sector.
Matrixport plans to introduce a comprehensive range of virtual asset services in GMC, including structured products, real-world asset (RWA) offerings, prime brokerage services, and custody solutions. This strategic move underscores Matrixport’s commitment to innovation and its ambition to expand its presence in South Asia, with GMC serving as its regional hub.
By Tashi Namgyal from Thimphu
