Thailand's initiated ACMECS Master Plan appreciated by neighboring countries

BANGKOK, June 15 (TNA) - Visiting Cambodian and Myanmar leaders have expressed their appreciation to the first five-year ACMECS Master Plan (2019-2023), initiated by Thailand. Cambodian Prime Minister Hun Sen said on Friday, while participating in the ACMECS CEO Forum at the Shangri-La Hotel in Bangkok, that Phnom Penh has agreed with the first five-year ACMECS Master Plan, under which potential of regional small and medium-sized enterprises (SMES) will be jointly promoted by member countries of the Ayeyawady–Chao Phraya– Mekong Economic Cooperation Strategy (ACMECS), comprising of Cambodia, Lao PDR, Myanmar, Thailand and Vietnam, along with strengthening their connectivity through joint moves and enhancing their competitiveness through the further development of their production supply chains. According to the Cambodian prime minister, Phnom Penh has also worked out economic policies that meet the demand of the private sector more practically, including those on enhancing the competitiveness of private firms, as presented at the ACMECS CEO Forum, aimed to raise his country's status to a higher income nation in the future, as stated in his administration's vision. Besides, Cambodia is expediting the regional "Single Window" initiative to facilitate and speed up cross-border trade procedures and the expansion of basic infrastructure, especially land transport systems and seaports, to support more connectivity with neighboring countries, along with considering to cut the power tax in 2019 and maintaining the national security in the energy sector in order to boost the domestic production. The Cambodian premier announced that his government also plans to set up the SME Bank to provide financial support for local SMEs in order to stimulate the Cambodian economic growth and plans to establish more special economic zones in the country and to adopt modern and digital technologies into domestic industries where a tax reform will also be implemented. Meanwhile, new Myanmar President Win Myint praised the Thai government's initiation on introducing the first five-year ACMECS Master Plan, under which the regional public and private sectors will work together more closely to drive ahead the entire economy of the ACMECS bloc. The Myanmar president also acknowledged sound cooperation among the ACMECS member countries over the past 15 years, especially in such eight areas as trade and investment, agriculture, transportation, energy, tourism, human resource development, public health and the environment protection. (TNA)