KATHMANDU: Bhutan, the Himalayan kingdom that brought the world the concept of gross national happiness, is set to build a `mindfulness city` and began raising funds on Monday to help start the ambitious project.

The `Gelephu Mindfulness City` (GMC) will lie in a special administrative region with separate rules and laws that will aim to be an economic corridor linking South Asia to Southeast Asia, officials said.

The city will promote walking and cycling to reduce emissions, green spaces for meditation andrelaxation, mindfulness-base d e ducation, public community activities, healthcare and wellness centres, and eco-tourism.

GMC will be spread over an area of more than 2,500 sq km (965 sq miles) on the border with giant neighbour India and offer space to businesses in finance, tourism, green energy, technology, healthcare, agriculture, aviation, logistics, education and spirituality.

A Bhutanese sovereign development body announced on Monday the launch of a fixed-term deposit programme to raise funds from non-resident Bhutanese to helpbuild an international airport and other foundational infrastructure in GMC.

`This is more than a financial opportunity; it is a call to contribute to and actively shape our shared vision for a thriving, mindful, and resilient Bhutan,` Ujjwal Dahal, CEO of sovereign body Gelephu Investment and Development Corporation, said in a statement.

The GMC website last week said it was launching a 10-year `Nation Building Bond` to raise $100 million. But GMC officials said that there was no bond issuance to pri-vate individuals nor was there a set fund-raising target for the entire exercise, without elaborating.

GMC`s goal is to attract investment, develop skills and create jobs in the Buddhist-majority country known for its Gross National Happiness (GNH) index an economic gauge that counts factors ignored by gross domestic product measures, such as recreation, emotional well-being and the environment.

A country of less than 800,000 people wedged between Asian giants India and China, Bhutan has been struggling to boost its $3 bil-lion economy which is heavily reliant on aid, hydropower and tourism, and was badly hit by Covid-19 restrictions.

Employment woes, with youth unemployment touching nearly 30pc in 2022, triggered an exodus of young people seeking opportunities abroad, with thousands moving to Australia alone.

Decades long project GMC will be built in phases and is expected to be completed in 21 years, officials said, with private partners investing in roads, bridges,an airport,houses,schools,hospitals andbusinesses.

Authorities expect about 150,000 people to live there in the first 7-10 years and more than one million when it is complete. The brainchild of King Jigme Khesar Namgyal Wangchuck, GMC was proposed last year as a city that would encompass `conscious and sustainable businesses, inspired by Buddhist spiritual heritage` and anchored on the values of GNH.

`Mindfulness is at the core of our values-based city and aligns with the ethos and identity of our nation,` said Rabsel Dorji, a senior GMC official.-Reuters