The much-awaited Bhutan Innovation Forum started yesterday giving shape to a Royal vision that many could not comprehend thus far. Since the announcement of the vision last December, many were confused if not overwhelmed by the scale and prospect of the vision.
For many, the concerns were mundane – it was about land price and ownership, of what small Bhutan could offer, if Bhutanese would have reserved rights or if the rest of the country would be excluded. The series of discussions among thought leaders, potential investors, and experts in diverse fields yesterday gave a detailed insight into the planned Gelephu Mindfulness City.
That the planned city would be a unique Bhutanese offering to the world was understood. What was anticipated was who and how the city would be developed. The answers are coming. The plans are charted out. We have not only identified, but are in good progress, in how the city will be developed, how laws governing the city and who will be invited to invest.
Even as the Forum was inaugurated, His Majesty the King who is the Chairman of the Board of Directors of GMC appointed the Chief Executive Officer and the Board of Directors of GMC. And as the long-awaited BIF unfolded, there was more clarity on what financial and legal systems will guide GMC to be unique as a global model of economic and social development that is harmony with the human spirit and the environment. The GMC will incorporate the best practices of Singaporean legal system and Abu Dhabi’s financial systems.
If the GMC will be a “Bhutanese city” that showcases a “just and harmonious” co-existence between human and the ecosystem, a principle derived from our inherent values, we are as cautious in choosing our development partners – some called it believers in our effort to provide the world a different development paradigm.
For the first time, after much anticipation, Bhutanese at home and abroad got a glimpse of the key members of the GMC that will work to realise His Majesty’s vision for Bhutan and beyond. To put into context who GMC is partnering with, the Gelephu International Airport gives us a glimpse. Changi Airport, Singapore, voted the Best Airport in the World for 18 times has won more than hundreds other awards will build the Gelephu International Airport.
We already have a CEO of a fully digital bank, Oro Bank, which will embrace technology with artificial intelligence. Oro Bank is the first project launched as part of the GMC initiative. It is a full digital, full reserve Bank. It will embrace technology with AI and will be different from many legacy banks, according to Mike Kayamori, the CEO of Oro Bank.
GMC will also have a different currency. Ter, the new currency will be based on blockchain and will be backed fully by physical gold. It is a reinterpretation of the gold standard of the past, according to the Managing Director, Finance, GMC, Hobeng Lim.
The congregation in Paro yesterday of thought leaders, Nobel Laureates, business leaders, investors and many more is an evidence of the approval of the philosophy of developing a city that many are already lauding as exemplary. The GMC will take in best international norms and practices, yet deeply rooted in local culture and traditions to create a unique city that blends human wants with natural ecology, modern farms with modern roads, architecture that blends the modern with the traditional, all the while mindful of the flora and the fauna.
The GMC redefines the concept of a modern sustainable city much in line with the concept of our own development philosophy, Gross National Happiness. The world is embracing it. As we see the concept take shape, we need to embrace the new momentum. Several discussions were on transformation and leadership. It is a call on us to change our mindset and transform to keep pace with the impending new Bhutan.