YK Poudel
The Bhutan Innovation Forum (BIF), held from October 1 to 3 at Dungkar Dzong in Pangbisa, Paro, brought together international leaders, innovators, and entrepreneurs to advance Bhutan’s vision of a mindfulness city.
The forum featured dynamic workshops, networking opportunities, and interactive sessions that emphasised ethical practices, eco-friendly innovation, and cultural preservation.
The Gelephu Mindfulness City (GMC), envisioned by His Majesty the King, was officially announced on December 17, 2023.
During the three-day forum, a distinguished lineup of 125 speakers participated, including 20 CEOs, four Nobel Laureates, and a diverse array of experts such as philosophers, philanthropists, economists, authors, professors, journalists, directors, consultants, AI and legal specialists, analysts, founders, and planners from around 60 countries.
The first panel discussion focused on establishing a mindful city in an ethical and sustainable manner. It featured Dzongsar Jamyang Khyentse Rinpoche and Matthieu Ricard, who led the session on “Mindfulness and Innovation: A Vision for Peace and Prosperity”.
Dzongsar Jamyang Khyentse Rinpoche and Matthieu Ricard delved into the themes of mindfulness and compassion. Rinpoche noted that mindfulness is not the ultimate goal of Buddhism, but rather a means to achieve a greater purpose. “If being mindful all the time is the ultimate aim, it doesn’t sound very enjoyable, does it?” he remarked.
Rinpoche said that paying attention to the mind without neglecting it was fundamental to practicing mindfulness.
Matthieu Ricard explained this sentiment, describing mindfulness as the awareness and non-judgmental attention to the present moment. He said: “Becoming a good human being should be everyone’s life goal.”
The sessions on the first day addressed a variety of topics, including mindfulness and compassion, the creation of a learning society and knowledge economy, the development of a mindfulness city, and the transformation of GMC from vision to action.
His Majesty the King appointed Mun Leong Liew as the CEO to spearhead the GMC development in Gelephu. His Majesty, Chairman of the Board of Directors (BOD) for the Mindfulness City, also appointed Liew to the BOD alongside Joichi “Joi” Ito, Yee Ean Pang, Seow Hiang Lee, Arun Kapur, and Lauren Chung.
Mun Leong Liew will spearhead the initiative, drawing on his extensive experience in international investment and development projects.
“I am deeply honoured to be entrusted with this leadership role and excited to assemble a team that will bring GMC to life,” he said. “This project will redefine sustainable urban living, and I am eager to collaborate with a diverse group of dedicated and passionate professionals to realise His Majesty’s vision. Together, we will create a truly unique city that embodies Bhutanese values while shaping the future of mindful economic growth.”
His Majesty the King also appointed Dr Lotay Tshering, former Prime Minister of Bhutan, as the governor of GMC.
In his new role, Governor, Dr Lotay Tshering will oversee the domestic implementation of the GMC strategy, ensuring its growth is consistent with Bhutanese values and His Majesty’s vision for sustainable development.
Discussions during the forum focused on a range of critical topics, including peace, stability, and development; leadership and transformation; mindful innovation and entrepreneurship; integrating mindfulness into early education; the role of art and community in creating a livable city; designing regenerative construction systems; and fostering a mindful economy and shared prosperity.
To establish a robust governance framework for various sectors in the Special Administrative Region (SAR) envisioned by His Majesty the King, the GMC will adopt Singaporean law as its primary legal framework.
Ben Gaw, managing director of legal affairs for the GMC, explained that creating entirely new laws could cause public confusion. He noted that since Singaporean law is a globally recognised framework, it offers a more accessible choice for residents and businesses.
“In Phase 1, the focus will be on establishing business regulations and legal processes to ensure safe and compliant operations. Civil and criminal laws will also be introduced to encourage law-abiding behavior among residents and businesses,” he said. “As GMC expands, Phase 2 will involve developing a tailored legal code, including arbitration and specialised areas, in consultation with the business community.”
Among the key initiatives discussed was ORO Bank, which aims to become Asia’s first full-reserve digital bank, fully integrating advanced technology, including artificial intelligence (AI).
The forum also unveiled “Ter”, meaning “treasure” in Dzongkha, as the new currency built on blockchain technology to enhance transparency, efficiency, and cost-effectiveness. This new currency will be entirely backed by physical gold.
The second day of the forum centered on innovation and entrepreneurship.
A distinguished lineup of entrepreneurs and business leaders participated, including Evan Spiegel, CEO of Snap Inc.; Serg Bell, Founder of Constructor Group; Oznur Bell, CEO of Constructor Knowledge and Chancellor of CUB; Nesma Bensalem, Founder & CEO of WeCare Impact; Richard Rothenberg, CEO of Global AI; Ujjwal Deep Dahal, CEO of DHI; Alex Fishman, Founder of Empros Capital, LLC; John Vamvakitis, Managing Director of Google for Education; Anna Inyoung Kim, CEO of LetSequoia; and Christian Nicholas Stadil, CEO of THORNICO and Honorary Consul of Bhutan.
They discussed various topics, such as the role of art in driving innovation, leveraging science and technology for prosperity, advancements in research and education, big data analytics, investment in innovation and new ventures, attracting global talent, fostering entrepreneurship, steering digital transformation, identifying new business opportunities in Bhutan, and exploring blockchain, decentralised AI, AI and augmented reality, as well as the future of banking and credit.
The Reliance Group and DHI announced a partnership to harness renewable energy in Bhutan.
The agreement sets the stage for the development of 500 megawatts (MW) of solar power and 770 MW of hydropower projects, totalling 1.2 gigawatts, with investments of up to USD 1 billion.
This initiative will begin with the establishment of a company in Bhutan and is poised to become one of the largest investments in the country’s renewable energy sector, representing the largest foreign direct investment (FDI) by an Indian company in Bhutan.
On the final day of the forum, discussions focused on entrepreneurship and sustainability, addressing crucial topics such as managing climate risks, promoting sustainability, transitioning minerals and energy, and meeting South Asia’s energy needs by harnessing Bhutan’s renewable resources.
Additional sessions explored Brand Bhutan, carbon-linked bonds, monetising carbon offsets, and sustainable investment in the country.
Economist and member of the House of Lords in the United Kingdom, Nicholas H. Stern, emphasised that the global community has underestimated the risks of climate change. He warned that without prompt action, the world could face catastrophic consequences. Stern stated that climate financing from wealthy nations to developing countries should reach one trillion USD annually by 2030.
“Currently, climate financing stands between 150 and 200 billion USD annually, which is inadequate,” he said.
Following his address, the sessions highlighted Bhutan’s dual challenges and opportunities in the clean energy sector. Discussions included the potential for Bhutan to engage in carbon-linked bonds, enabling the country to monetise its environmental contributions, among other initiatives.
Panellists, experts, and speakers during the forum recommended that such gatherings be held annually to monitor the progress of the GMC, discuss achievements, and outline future directions.
The programme was organised by Druk Holding and Investments and the Global Algorithmic Institute.