Greater Mekong Sub-region lists over 220 projects worth 66 bln USD

Date Mar 31, 2018

Leaders of the six-member Greater Mekong Sub-region (GMS) have adopted three documents here on Saturday, including the 6th GMS Summit Joint Declaration, the Hanoi Action Plan 2018-2022, and the Regional Investment Framework 2022.
The Regional Investment Framework 2022 includes a list of 227 investment projects worth 66 billion U.S. dollars which will be implemented by the six GMS countries in the next five years, Vietnamese Prime Minister Nguyen Xuan Phuc announced at a press conference on Saturday in Vietnam's Hanoi capital right after the 6th GMS Summit concluded.
Under the joint declaration and the action plan, the GMS countries, including China, Cambodia, Laos, Myanmar, Thailand and Vietnam pledged for stronger multifaceted cooperation, including cooperation on transport, agriculture, tourism, environment and e-commerce, said the prime minister.
The Hanoi Action Plan 2018-2022 calls for an expansion of the three key economic corridors in the GMS to boost connectivity between the six countries as well as within rural and urban centers to ensure a more equitable distribution of the benefits of economic growth.
Its key thrusts include refined sector strategies and priorities; improved planning, programming and monitoring systems; and enhancements in institutional arrangements and partnerships.
The GMS leaders also put forth orientations for mid-term cooperation within GMS countries and between them with development partners, and kicked off a process of defining a long-term vision for the sub-region to ensure its common prosperity, inclusive growth and sustainable development, he said.
At the press conference, President of the Asian Development Bank Takehiko Nakao stated that there is a big room for the GMS to develop because it connects with Southeast Asia, East Asia and South Asia, and many members have high economic growth rates of around 7 percent in recent years.
The bank, which prioritizes infrastructure development in the GMS, will provide some 7 billion U.S. dollars for the GMS countries to implement the 227 projects, Nakao said.

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