In 2024, His Majesty the King exemplified his unwavering commitment to the nation through numerous milestone undertakings that significantly shaped Bhutan’s socio-economic and cultural landscape. These endeavors reflected His Majesty’s visionary leadership, focus on national well-being, and dedication to the Kingdom’s sustainable future.
His Majesty’s international engagements in 2024 underscored Bhutan’s commitment to fostering strong diplomatic ties and global cooperation. The year began with His Majesty hosting several high-level delegations from neighboring and international allies, focusing on economic collaboration, cultural exchange, and technological partnerships. These efforts enhanced Bhutan’s standing on the global stage and opened new avenues for trade and investment.
His Majesty’s Royal visits to Nepal, Assam and Mongolia further emboldened Bhutan’s relations with neighbouring countries, not to mention the visit by the Royal Family of Lesotho.
Under His Majesty’s guidance, Bhutan achieved significant progress in economic reforms aimed at boosting self-reliance and resilience. His Majesty played a crucial role in overseeing the successful launch of the 13th Five Year Plan, with an ambitious total outlay of Nu. 512.285 billion. This plan laid the groundwork for transformative development initiatives across critical sectors, including agriculture, renewable energy, technology, and education. His Majesty’s emphasis on equitable growth ensured that these initiatives were inclusive and focused on uplifting the most vulnerable sections of society.
Under the guidance of His Majesty the King in 2024, the Gelephu Mindfulness City (GMC) emerged as a cornerstone initiative in Bhutan’s vision for sustainable urban development, fostering a community-centered approach grounded in mindfulness, environmental harmony, and progressive urban planning.
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 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.
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.
Recognizing the potential of Bhutan’s youth as catalysts for national progress, His Majesty championed programs to foster innovation and entrepreneurial spirit. In 2024, His Majesty inaugurated several institutions and initiatives dedicated to skill development, research, and technology. By creating platforms for young Bhutanese to excel in diverse fields, His Majesty ensured that the Kingdom’s future remains in capable hands.
The Gyalsuung program, a visionary initiative of His Majesty the King of Bhutan, officially commenced in 2024, marking a historic milestone in Bhutan’s journey toward youth empowerment. In its first year, the program enrolled thousands of youth, providing them with exposure to various skill-building activities, leadership exercises, and community service projects. The success of the initial cohort underscored the transformative potential of the Gyalsuung program.
Bhutan hosted the Bhutan Innovation Forum (BIF), which was held from October 1 to 3, 2024, at Dungkar Dzong in Pangbisa, Paro. A brainchild of His Majesty the King, 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 GMC on October 1, 2024, to lead the development of this landmark initiative. 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.
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 BOD 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.
On December 12, 2024, His Majesty the King appointed Ming Z. Mei as a Founding Member of GMC. Ming Z. Mei’s family trust, Humble Holdings, will invest in projects essential to the City’s initial development stages.
On December 16, 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 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 18, 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.
His Majesty the King, as the Executive Chairperson of GMC Board, granted the ‘GMC Law No. 1 of 2024’ at the Machhen Lhakhang of Punakha Dzong on December 26, in accordance with the tradition of seeking blessings from the nation’s most sacred shrine for significant national undertakings.
The milestones achieved under His Majesty the King’s leadership in 2024 underscore his enduring legacy as a leader devoted to the welfare, unity, and progress of Bhutan. His Majesty’s vision and initiatives have not only enriched the lives of his people but also solidified Bhutan’s position as a nation of peace, innovation, and resilience on the global stage.
By Tashi Namgyal From Thimphu
