The Bhutanese Leading the way.
An official involved in the Gelephu Mindfulness City (GMC) project said there are conversations going on with an array of potential investors and interested companies in India, Asia, America, Europe and the Middle East.
He said the focus right now is in finalizing the framework like taxation policy and laws, incentives, residency, enabling conditions, right regulatory environment, and not rush into it.
In a significant move recently, the Gelephu Mindfulness City Authority (GMCA) hosted a delegation from Oman on 7th April 2025, led by the Foreign Minister of Oman, Sayyid Badr Hamad Hamood Al Busaidi.
The delegation discussed potential business collaborations, including co-investments, green energy, and agri-tech projects. They also explored initiatives like aviation connectivity and a double taxation agreement to boost Omani investments.
The GMC official said prior to this another delegation was led by the French Ambassador with discussions there as well.
He said there is a lot of international interest from potential investors in all the 7 thematic areas of GMC like Spirituality, Health and Wellness, Education and Knowledge, Agri-Tech and Forestry, Green Energy and Tech, Finance and Wealth Management, and the Airport Economy, and interest in areas even beyond this like setting up a start-up eco system and social enterprises.
He said there are a lot of conversations going on in all the above sectors and some are at an advanced level.
There is interest in tourism and wellness and longevity and a lot of spiritual streams from people with Buddhist backgrounds. The followers of the Buddhist masters are also potential investors as they are themselves in different investment profiles.
In terms of health, Bhutan has a long history of medicinal herbs and traditional medicinal practice which is drawing interest for the concept of integrated wellness resorts, clinics, centers. There are proposals for investments in wellness. Efforts are also on to bring in hospitals and clinics.
The official said that there are very detailed conversations going on over Green Energy and Tech and there is a lot of interest. There are conversations on Green Hydrogen, solar, thermal, etc.
There are also conversations on the financial and digital work stream and in agri-tech and forestry and all other sectors in fact.
The GMC official said the project is meeting all its deadlines with the first phase of the design infrastructure masterplan ready for the next 7 years, and the airport will start construction this year and be ready by 2029. He said key infrastructure things happening, first, will be the airport, hydropower, roads and rail connectivity, digital connectivity and softer things like government structures.
The official said that the ORO bank deposits have done well, and soon local Bhutanese may also be given an opportunity to invest.
The GMC official said that given his awareness of the different moving parts, there is no doubt in his mind that GMC will be very successful. He said the key strength of GMC is its pragmatism and the SAR status granted by His Majesty allows them to come up with pragmatic laws and structures and build the agility and speed to be able to make decisions unencumbered by bureaucracy.
He said another major strength of GMC that has been built over the course of the last two years is good leadership. He said under the overall strong leadership of His Majesty, they have a CEO, Board of Directors and Managing Directors who are all global experts.
The global tariff war has also provided a potential new opportunity for GMC, as Bhutan comes under the minimal tariff bracket of 10% tariff by the USA while all major Asian and global economies face much higher tariff rates. This, for now, is one of the many advantages of having a GMC presence.
