KATHMANDU: Bhutan, the Himalayan kingdom that gave the world the concept of gross national happiness, is preparing to build a “mindful city” and will issue a $100 million bond on Thursday. Two to help get the project started.
The ‘Gelephu Mindfulness City’ (GMC) will be located in a special administrative region with separate rules and regulations that aims to become an economic corridor connecting South Asia with Southeast Asia, officials said. .
They said the city will promote walking and cycling to reduce emissions, green spaces for meditation and relaxation, mindfulness-based education, public community activities, care centers health and wellness as well as ecotourism.
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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 provide space for businesses in finance, tourism, green energy, technology, medicine economics, agriculture, aviation, logistics, education and spirituality.
According to the GMC website, the GMC 10-year ‘Nation Building Bond’ will open on Monday and will be available for subscription by non-resident Bhutanese until December 17. The fund said the amount Raised will be used to build initial infrastructure, for green energy and connectivity, among other things.
“This ambitious project will redefine the economic landscape of the country… paving the way for a prosperous and resilient Bhutan,” said Lotay Tshering, GMC governor and former prime minister.
The goal is to attract investment, develop skills and create jobs in the majority-Buddhist country, famous for its Gross National Happiness (GNH) index – an economic measure that factors in ignored by measures of gross domestic product, such as entertainment, mental well-being. and environment.
As a country of less than 800,000 people located between two Asian giants, India and China, Bhutan is having difficulty boosting its $3 billion economy, which is heavily dependent on aid. hydropower and tourism, and has been hit hard by COVID-19 restrictions.
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The jobs crisis, with youth unemployment reaching nearly 30% by 2022, has caused a wave of migration of young people seeking opportunities overseas, with thousands going to Australia alone .
DECADE LONG PROJECT
Officials said the GMC will be built in phases and expected to be completed in 21 years, with private partners investing in roads, bridges, airports, housing, schools, hospitals and business.
Authorities expect about 150,000 people to live there in the first 7-10 years and more than a million when it is completed.
The brainchild of King Jigme Khesar Namgyal Wangchuck, GMC was proposed last year as a city comprised of “conscious and sustainable businesses, inspired by Buddhist spiritual heritage” and embedded in closely with the values of GNH.
“Mindfulness is at the core of our values-based city and is in line with the character and identity of our nation,” said Rabsel Dorji, a senior GMC official.
The GMC website says the project draws on Bhutan’s Buddhist heritage and culture, emphasizes happiness, well-being and mindfulness, while incorporating environmentally friendly architecture in the country considered The world’s first carbon negative – a country absorbs more carbon than it produces.
India, Bhutan’s largest economic and trade partner and donor, supports the project and will extend the road and rail network to the border to connect the GMC, officials said.
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Surya Raj Acharya, an expert on infrastructure and urban planning in neighboring Nepal, said GMC was a “smart move” but connectivity could pose a serious challenge for the country Bhutan is landlocked.
“Development of the city as a competitive manufacturing hub also depends on connectivity to global logistics,” Acharya said, adding that access to ports will depend on India’s infrastructure.
“It will also appeal to international investors. These are factors that are not within Bhutan’s control,” he said.