Agencies
Bhutan, the Himalayan kingdom that brought the world the concept of gross national happiness, is set to build a “mindfulness city” and will launch a $100 million bond issue to help start the project.
The “Gelephu Mindfulness City” (GMC) will lie in a special administrative region with separate rules and laws that will aim to be an economic corridor linking South Asia to Southeast Asia, officials said.
The city will promote walking and cycling to reduce emissions, green spaces for meditation and relaxation, mindfulness-based education, public community activities, healthcare and wellness centers and eco-tourism, they said.
GMC will be spread over an area of more than 2,500 square kilometers (965 square miles) on the border with giant neighbor India and offer space to businesses in finance, tourism, green energy, technology, healthcare, agriculture, aviation, logistics, education and spirituality.
The 10-year GMC “Nation Building Bond” that opens on Monday will be available for subscription by non-resident Bhutanese until Dec. 17, according to the GMC website. The funds raised will be used to build initial infrastructure, for green energy and connectivity, among others, it says.“This ambitious project will redefine the nation’s economic landscape ... paving the way for a prosperous and resilient Bhutan,” said Lotay Tshering, GMC’s governor and a former prime minister.
The goal is to attract investment, develop skills and create jobs in the Buddhist-majority country known for its Gross National Happiness (GNH) index – an economic gauge that counts factors ignored by gross domestic product measures, such as recreation, emotional well-being and the environment.
A country of less than 800,000 people that is wedged between Asian giants India and China, Bhutan has been struggling to boost its $3 billion economy that is heavily reliant on aid, hydropower and tourism, and was badly hit by COVID-19 restrictions.
Employment woes, with youth unemployment touching nearly 30% in 2022, triggered an exodus of young people seeking opportunities abroad, with thousands moving to Australia alone.
GMC will be built in phases and is expected to be completed in 21 years, officials said, with private partners investing in roads, bridges, an airport, houses, schools, hospitals and businesses.
