Thailand to host next ACMECS summit

BANGKOK, March 14 (TNA) - Thailand is preparing to host the next Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) Summit in the near future, during which a new framework on comprehensive connectivity projects in the Mekong Sub-region will be discussed. Thai Minister Attached to the Prime Minister's Office Kobsak Pootrakool told the audience of the update while delivering a speech at a seminar marking the 25th anniversary of a joint economic development plan of member countries of the Greater Mekong Sub-region, organized by the Manila-based Asian Development Bank (ADB) and the Bangkok-based Office of the National Economic and Social Development Board (ONESDB) in the capital on Wednesday. Kobsak said the comprehensive connectivity projects under the new 25-year joint economic development framework of six member countries of the GMS, which comprise of Cambodia, Lao PDR, Myanmar, Thailand, Vietnam and China's Yunnan Province and Guangxi Zhuang Autonomous Region, will include railway, road, marine, air, energy and Internet projects for mutual benefits. Besides, joint regulations on borderless trade and investment among the GMS member countries will be discussed, along with a joint plan on the personnel development, paving the way for Thailand to become a personnel production hub of the GMS in the future. Kobsak noted that the whole GMS economy has kept growing and become stronger over the past 25 years despite the physical difference in trade, investment and public communication connectivity at the first years, thanks to the implementation of mega-development projects. Thai Transport Minister Arkhom Termpittayapaisith told the seminar, meanwhile, that in the short run, the GMS member countries are implementing a five-year regional investment strategic framework (RIF:2018-2022), under which over 84 per cent of 226 new joint projects are borderless transport connectivity, totally worth over 66.30 billion US dollars. According to the minister, the RIF:2018-2022 coincides with Thailand's 20-year transport infrastructure strategy, under which the construction of the 2nd Thai-Myanmar Friendship Bridge, the 5th Thai-Lao Friendship Bridge, a new cross-border Thai-Cambodian bridge, new cargo transport stations and centers and a new seaport will be included. The minister suggested that a GMS venture capital be set up as a fund mobilization mechanism, along with inviting the private sector to co-invest in mega-projects in the sub-region and addressing remaining trade and investment barriers and limits in order to boost the GMS competitiveness. (TNA)