GMC’s 2024 Milestones: A New Chapter for Bhutan’s Growth

Features

Mar 03, 2025
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GMC’s 2024 Milestones: A New Chapter for Bhutan’s Growth

From groundbreaking infrastructure projects to legislative advancements, GMC has made remarkable progress in 2024. This article highlights key economic, technological, and cultural developments that are shaping Bhutan’s most ambitious urban project.

The Gelephu Mindfulness City (GMC) Special Administrative Region marked a significant year in 2024, with key legislative, infrastructural, and economic advancements establishing its reputation as a sustainable and forward-thinking urban centre.

A Historic Milestone

10 February 2024 was a momentous event as His Royal Highness Gyalsey Jigme Namgyel Wangchuck received the Royal Charter from the Punakha Dzong, officially inaugurating the GMC project. In recognition of the city’s future-oriented vision, approximately 400 local children were invited to witness the landmark occasion.

Economic and Financial Progress

GMC took a major step in its economic evolution with the launch of ORO Bank, Asia’s first full-reserve digital bank. This institution is designed to facilitate seamless transactions between international and local businesses, solidifying GMC’s emergence as a global financial hub.

In a move to attract investment and bolster economic development, GMC introduced a USD 100 million bond tailored for non-resident Bhutanese. The GMC Nation Building Bond enables the Bhutanese diaspora to actively contribute to this transformative urban initiative.

Pioneering the Bhutan Innovation Forum

Held at Dungkar Dzong in Paro, the inaugural Bhutan Innovation Forum set a new precedent as the largest conference in the country’s history. The event welcomed global thought leaders and over 1,000 participants to explore themes of sustainable development and mindful entrepreneurship. This forum underscored Bhutan’s dedication to integrating green technologies and conscious innovation into GMC’s ongoing evolution.

Key Leadership Appointments

His Majesty the King appointed distinguished individuals to spearhead GMC’s development. Mun Leong Liew assumed the role of Chief Executive Officer, while former Prime Minister Dasho Dr Lotay Tshering was designated as GMC’s inaugural Governor. Additional board members include Joichi “Joi” Ito, Yee Ean Pang, Seow Hiang Lee, Arun Kapur, and Lauren Chung. His Majesty also named Joi Ito as Chairman of the Gelephu Investment Development Corporation (GIDC).

Further strengthening its leadership, GMC welcomed Ming Z. Mei, Co-Founder and CEO of GLP, as its inaugural Founding Member. Mei is set to guide the city’s expansion and drive strategic investments into key infrastructure projects.

Cultural and Infrastructure Developments

A series of landmark initiatives underscored GMC’s commitment to cultural and religious heritage, including:

Gelephu Chorten: A replica of the Jarong Khashor stupa.
Gelephu Dzong: Installation of the Sachu Bumter, inspired by Rinpung Dzong.
Gelephu School: A new day school serving students from Pre-Primary to Class VI.
Dorden Tashi Gomang: A replica of the Dorji Dhen Choeten, reinforcing GMC’s ambition as a global centre for Vajrayana Buddhism.
Tabab Choeten: A four-storey religious monument under construction in Namkhaling, funded by the Central Monastic Body with a budget of Nu 300 million, serving as GMC’s spiritual gateway.

These initiatives position GMC as a central hub for Vajrayana Buddhist education and spiritual engagement, catering to a global Buddhist community.

Legislative Advancements

A defining legislative milestone was the enactment of GMC Law No. 1 of 2024, also known as the Application of Laws Act 2024. This legislation establishes GMC’s governance framework, ensuring its autonomy and capacity to drive sustained economic development.

Attracting Global Businesses and Technological Innovations

2024 saw GMC attract leading international businesses:

BIG - Bjarke Ingels Group: The first international company to register in GMC, establishing its South Asia office.
Matrixport: A leading crypto financial services firm applying for a Financial Services Permission License to offer virtual asset solutions within GMC.

In addition, His Majesty the King conducted international engagements, meeting with global business leaders and Bhutanese communities in Sydney, Canberra, and Perth, underscoring GMC’s opportunities for Bhutanese citizens worldwide.

A Smart, Carbon-Negative Urban Centre

GMC remains dedicated to ecological sustainability by prioritising clean energy sources such as photovoltaic, hydro, and wind power. Advanced wastewater and waste treatment facilities are being implemented to maintain environmental harmony.

In alignment with its vision for a knowledge economy, GMC is integrating digital technology with mindful innovation, leveraging blockchain to enhance sustainability and economic efficiency. A key emphasis on mindfulness education further reinforces a balanced approach to happiness, well-being, and technological advancement.

Revolutionising Urban Transport

An innovative, multi-modal transportation system is under development to optimise connectivity within GMC. Plans include:

Mountain Railways: Enhancing terrestrial mobility.
Low-Altitude Aircraft: Enabling efficient short-haul aerial transport.
Autonomous Flying Vehicles: Offering futuristic commuting solutions.
Yachts for Water Transport: Expanding transport options via waterways.

This three-dimensional transport infrastructure ensures seamless connectivity across land, water, and air, positioning GMC as a future-ready smart city.

A Bold Step into the Future

As GMC continues its journey, the city exemplifies Bhutan’s commitment to balancing innovation, sustainability, and cultural heritage. With groundbreaking projects and visionary leadership, GMC is well on its way to becoming a global model for mindful urban development.

Gelephu Mindfulness City International Airport

The Gelephu Mindfulness City International Airport, set for completion by the end of 2029, will include a runway and passenger terminal designed for future expansion, enabling flights to Europe, Southeast Asia, and the Middle East.

ABOUT GELEPHU MINDFULNESS CITY

Gelephu Mindfulness City (GMC) is an ambitious urban development project in Bhutan, envisioned by King Jigme Khesar Namgyel Wangchuck. Announced during the 116th National Day celebrations on 17 December 2023, GMC aims to create an economic hub that harmoniously blends sustainable development with Bhutan's rich cultural and spiritual heritage.

Key Features of Gelephu Mindfulness City:

Strategic Location: Situated in southern Bhutan near the town of Gelephu, GMC is positioned to serve as a bridge between South Asia and Southeast Asia, enhancing regional connectivity and economic exchange.
Sustainable Urban Planning: The master plan, developed in collaboration with BIG, Arup, and Cistri, covers over 1,000 square kilometres. It incorporates Bhutanese cultural elements and the principles of Gross National Happiness (GNH), focusing on ecological diversity, community vitality, and sustainable socio-economic development.
Innovative Infrastructure: Plans include a new international airport, railway connections, a hydroelectric dam integrated with a temple, public spaces, and residential areas. The city will feature eleven distinct neighbourhoods designed like mandalas, with repeating patterns originating from central public spaces.
Mindfulness and Well-being: GMC is designed to be a sanctuary for global businesses and professionals seeking to combine sustainability, spiritual well-being, and commercial success. The city will promote walking and cycling to reduce emissions, provide green spaces for meditation and relaxation, and support eco-tourism.
Economic Diversification: The city aims to attract investment in various sectors, including finance, tourism, green energy, technology, healthcare, agriculture, aviation, logistics, education, and spirituality. This diversification seeks to create employment opportunities and drive sustainable economic growth.