Bhutan is charting a visionary path towards sustainable urban living with the recent Bhutan Innovation Forum (BIF) held from October 1 to 3 at the historic Dungkar Dzong in Pangbisa, Paro. The three-day event brought together a diverse assembly of international leaders, innovators, and entrepreneurs, all converging to advance Bhutan’s ambitious vision of the Gelephu Mindfulness City (GMC).
Officially unveiled by His Majesty the King on December 17, 2023, GMC is poised to become a model for ethical urban development, blending modern innovation with Bhutanese cultural preservation and environmental stewardship. The forum served as a critical platform for stakeholders to discuss and refine the strategies necessary to transform this vision into reality.
Over the course of the event, 125 distinguished speakers participated, including 20 CEOs, four Nobel Laureates, and experts from around 60 countries spanning various fields such as philosophy, philanthropy, economics, technology, and law. The agenda was rich with dynamic workshops, networking opportunities, and interactive sessions focused on ethical practices, eco-friendly innovations, and the preservation of Bhutanese heritage.
One of the standout moments of the forum was the inaugural panel discussion on building a mindful city through ethical and sustainable means. Esteemed figures Dzongsar Jamyang Khyentse Rinpoche and Matthieu Ricard led the conversation on “Mindfulness and Innovation: A Vision for Peace and Prosperity.” Rinpoche emphasized that mindfulness serves as a tool rather than an end goal, highlighting the importance of a balanced approach. “If being mindful all the time is the ultimate aim, it doesn’t sound very enjoyable, does it?” he mused. Ricard echoed this sentiment, advocating for mindfulness as a foundation for becoming better human beings.
The first day’s sessions delved into various critical topics, including the integration of mindfulness and compassion into societal frameworks, fostering a learning society and knowledge economy, and transitioning GMC from a conceptual framework to actionable plans. His Majesty the King appointed Mun Leong Liew as the CEO of GMC, entrusting him with the leadership required to spearhead this transformative project. Alongside Liew, a distinguished board of directors was established, featuring notable figures such as Joichi “Joi” Ito and Dr. Lotay Tshering, the former Prime Minister of Bhutan, who has been named the governor of GMC.
Mun Leong Liew expressed his enthusiasm for the role, stating, “This project will redefine sustainable urban living, and I am eager to collaborate with a diverse group of dedicated and passionate professionals to realize His Majesty’s vision.”
A significant highlight of the forum was the announcement of ORO Bank, poised to become Asia’s first full-reserve digital bank leveraging advanced technologies like artificial intelligence. Additionally, the introduction of “Ter,” meaning “treasure” in Dzongkha, marked Bhutan’s foray into blockchain-based currency, backed entirely by physical gold to ensure transparency and efficiency.
The second day shifted focus to innovation and entrepreneurship, featuring influential leaders such as Evan Spiegel of Snap Inc., Serg Bell of Constructor Group, and Anna Inyoung Kim of LetSequoia. Discussions revolved around the intersection of art and technology, the potential of big data analytics, and the future of banking and credit systems. A notable partnership was announced between the Reliance Group and DHI to develop 1.2 gigawatts of renewable energy projects, including solar and hydropower, marking one of the largest foreign direct investments in Bhutan’s renewable sector.
On the final day, the forum tackled pressing issues related to climate change and sustainability. Nicholas H. Stern, an economist and member of the UK House of Lords, underscored the urgent need for increased climate financing, advocating for a substantial boost from wealthy nations to support developing countries. Sessions also explored innovative financial instruments like carbon-linked bonds and strategies for monetizing Bhutan’s environmental initiatives.
The BIF concluded with a consensus among participants on the importance of making the forum an annual event. This would allow continuous monitoring of GMC’s progress, facilitate the sharing of achievements, and set the agenda for future developments.
Organized by Druk Holding and Investments in collaboration with the Global Algorithmic Institute, the Bhutan Innovation Forum has set a promising trajectory for the Gelephu Mindfulness City. By harmonizing mindfulness, sustainability, and cutting-edge technology, Bhutan is not only preserving its unique cultural identity but also positioning itself as a global leader in ethical urban innovation.
As Bhutan embarks on this transformative journey, the world watches with anticipation, inspired by a small nation’s commitment to creating a harmonious and prosperous future through mindful development.
