ACMECS countries to enhance economic cooperation
ACMECS countries to enhance economic cooperation
Laos, Cambodia, Myanmar, Thailand and Vietnam are renewing efforts to boost their economic cooperation so they can accel erate and benefit from economic growth in the region.
Senior officials from the five countries met in Vientiane yesterday to discuss measures to enhance economic cooperation under the Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) framework.
The measures, which leaders of the five countries will approve in Vientiane this week, aim to enable the neighbouring nations to create better conditions for private sector investment and growth, which will drive development and allow these countries to share in the wealth generated.
One of the measures which the leaders of the five nations are expected to adopt during their fifth summit on Wednesday is the promotion of trade and tourism, especially along the East-West and North-South economic corridors.
Laos hopes to attract more foreign investment to its special and specific economic zones, which are located along the East-West Economic Corridor. Agriculture is one of the main areas in which Laos wants to encourage foreign investment, thanks to the country's large areas of fertile land.
As most of the people in Laos are farmers, they stand to benefit from closer economic cooperation between the five countries through the ACMECS framework.
Laos also wants to become a transit hub within the region, capitalising on its central location. Laos has already built a number of roads and bridges to connect with other countries in the area.
According to a press release from the meeting's organising committee, senior officials from the five countries yesterday discussed eight prioritised sectors ranging from transport cooperation, investment and tourism. The delegates also welcomed progress in cooperation projects under the ACMECS framework.
They agreed that through the cooperation framework, the value of trade and investment in the region had increased rapidly thanks to improved transport networks. The five countries have improved their roads, airports and railways to facilitate the transport of goods and tourism in the region.
The Thai government provided financial support for Laos to build a railway from the middle of the Vientiane-Nong Khai Friendship Bridge to Thanalaeng station in Vientiane.
The Thai government has committed to provide more funds for Laos to develop logistics systems at the station, so that Lao businesses can export their goods by rail. Construction of the systems is set to begin at the end of this year and is expected to be complete in 2015.
ACMECS was created in 2003 by former Prime Minister Thaksin Shinawatra. The strategy aims to utilise member countries' diverse strengths and to promote balanced development in the sub-region.
Closer cooperation among the ACMECS countries will also help to reduce the development gap between the countries of the region, who are all ASEAN members.
vientiane times
