Bhutan's king calls Korea a role model for development

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Bhutan's king calls Korea a role model for development

Published: 26 Sep. 2024, 18:43 Updated: 26 Sep. 2024, 19:26

SEO JI-EUN
seo.jieun1@joongang.co.kr

Hong Seok-hyun, chairman of JoongAng Holdings, right, and Bhutan's King Jigme Khesar Namgyel Wangchuck take a commemorative photo ahead of their meeting on Wednesday. [KIM JONG-HO]

Bhutan's King Jigme Khesar Namgyel Wangchuck emphasized that Korea serves as a role model for Bhutan's development aspirations, presenting his master plan for a new global financial hub on the nation's southern border with India.

Bold innovation is key to "preserving Bhutan's identity in the long term," Wangchuck said during a meeting with Hong Seok-hyun, chairman of JoongAng Holdings, the holding company of the JoongAng media group, on Wednesday.

Since announcing this project in December 2023, Wangchuck has actively sought advice from global political and business leaders. His visit to Korea, which took place from Sunday to Wednesday, was part of these efforts.

The king said that while he had met many global leaders, Korea stood out due to its “cultural, ethnic, and geopolitical similarities” to Bhutan.

At the heart of the king's vision is the small city of Gelephu, where the international financial hub will be developed. Bhutan, a country of approximately 780,000 people, has fewer than 10,000 residents in Gelephu.

Construction is already underway, with plans to complete an international airport by 2028.

Hong Seok-hyun, chairman of JoongAng Holdings, right, and Bhutan's King Jigme Khesar Namgyel Wangchuck engage in a dialogue during their meeting in central Seoul on Wednesday. [KIM JONG-HO]

Wangchuck explained that Gelephu will be designated as a special administrative region with full autonomy from Bhutan's existing tax and monetary policies. The king even signaled his readiness to adopt a "one country, two systems" approach if necessary, stressing that economic growth must be prioritized to ensure the nation's future prosperity.

"Being poor becomes a vulnerability," he said, and young people will not stay without opportunities.

Wangchuck also emphasized Bhutan’s geographical advantage, situated between India and China. Unlike cities like Hong Kong and Singapore, which are caught in geopolitical tensions between the United States and China, Bhutan has the opportunity to serve as a bridge between Southeast Asia and South Asia.

"This corridor becomes super important," the king noted, referring to Bhutan's location. "I call this the bridge, and that's where we should be focusing on building. This place can become a gateway to all of South Asia."

In addition to its economic potential, the king named the project “Gelephu Mindfulness City,” envisioning it not only as a financial hub but also as a global destination for meditation and spiritual development for the Buddhist community.

During the meeting, Hong drew parallels between Bhutan and Korea's own history.

"At one point, Korea was nicknamed the 'hermit kingdom' from the perspective of Western countries," Hong said. "Bhutan has been a hermit nation for a longer time, but now, it will become the most open country."

Hong, who has a background in economics, expressed his support for the Gelephu Project, noting that while Bhutan's high happiness index and pristine natural environment are great assets, national development must come first to energize the economy.

"That's true," Wangchuck agreed, saying that ensuring that young people can work and thrive in Bhutan, without having to seek opportunities in neighboring countries, is key to preserving Bhutan’s identity.

Wangchuck has long been associated with reform and innovation.

After ascending the throne in 2006 at the age of 26, he voluntarily relinquished absolute power, allowing for the impeachment of the king if two-thirds of parliament votes in favor. His approval ratings consistently exceed 90 percent in national surveys.

The king's personal life has also drawn attention. His marriage to Queen Jetsun Pema, a commoner, captivated the public, and the couple now has two sons and a daughter.

BY CHUN SU-JIN, SEO JI-EUN [seo.jieun1@joongang.co.kr]