GMS states seek investments of US$64 billion

10:55 | 13/10/2017 Cooperation

(VEN) - At the 22nd Greater Mekong Sub-region (GMS) Ministerial Conference that took place recently in Hanoi, participants discussed and adopted a regional investment framework for the 2018-2022 period.

gms states seek investments of us 64 billion

The document consists of a list of 222 investment and technical assistance projects in Cambodia, Laos, Myanmar, Thailand, Vietnam and China, valued at about US$64 billion. It is designed to mobilize the support of developed countries and the private sector to help these GMS nations implement priority programs and projects in the 2018-2022 period.

The heads of the six GMS member state delegations also discussed directions for a five-year action plan, called Hanoi Action Plan. According to the Ministry of Planning and Investment, the Hanoi Action Plan is expected to be endorsed at the sixth GMS Summit scheduled to take place in Vietnam in March 2018.

Cambodia, Laos, Myanmar, Thailand, Vietnam and the Chinese provinces of Yunnan and Guangxi view the GMS Economic Cooperation Program as the most successful among various regional cooperation and integration initiatives since it was initiated 25 years ago.

Minister of Planning and Investment Nguyen Chi Dung believes GMS has opened up major opportunities for Vietnam to attract foreign direct investment, promote socioeconomic development and accelerate integration into the global economy.

Vietnam has taken the initiative in appealing for funds from bilateral and multilateral organizations to implement GMS priority programs and projects in which it participates. “We will continue our tight coordination with other GMS countries, the Asian Development Bank and other development partners, including the private sector, to implement the GMS Economic Cooperation Program,” Minister Nguyen Chi Dung emphasized.

Lao Minister of Planning and Investment Souphanh Keomixay said the program had provided opportunities for GMS countries to achieve significant progress in socioeconomic development. However, he added, the sub-region is facing big challenges due to the instability of the global economy and the rapid spread of the Fourth Industrial Revolution.

According to Xu Hongcai, Chinese Assistant Minister of Finance, although GMS is seen as the world’s most dynamic region, linkages between countries in the sub-region remain loose due to their inadequate transport and socioeconomic infrastructure. Therefore, in his opinion, GMS countries need to boost cooperation in a wide range of fields in order to improve infrastructure and enhance the competitiveness of the entire sub-region, as well as of each member country.

The 22nd GMS Ministerial Conference reviewed the GMS Human Resource Development Strategic Framework and Action Plan for the 2013-2017 period that proposed the establishment of a GMS working group on health cooperation.

Nguyen Hoa