The GMS has become a dynamic and integrated region gathering the fastest growing economies in the world. To boost the active participation of development partners, especially the private sector, in the GMS cooperation programme, Vietnam initiated the organization of the first-ever GMS Business Summit as part of the GMS-6 to promote dialogues between the State and businesses as well as connect GMS enterprises with global partners.
This initiative received a high consensus from other GMS member nations and valuable support from development partners, including the Asian Development Bank (ADB), the World Bank (WB) and the ASEAN. The engagement of 2,000 entrepreneurs in the GMS Business Summit showed their keen interest in running business in the GMS countries and their trust in the governments’ open policies and ample cooperation opportunities in the GMS and CLV regions.
At the GMS-6 Summit, subregional leaders consented to outline major cooperation orientations in the middle term and accelerate the building of a long-term cooperation vision in the GMS.
They adopted three important documents including the Joint Statement of the sixth GMS Summit affirming the countries’ political commitment and determination to increase the role of the cooperation mechanism; the Hanoi Action Plan for 2018-2022 defining major collaboration orientations and measures in key fields in the time ahead; and the Regional Investment Framework 2022 (RIF) giving a list of over 220 projects worth roughly US$66 billion.
The leaders underlined building a post-2022 cooperation vision in the long run and carrying out the Sustainable Development Goals of the UN 2030 Agenda given considerable changes in the region and the world. The GMS cooperation programme needs to develop a long-term vision towards building a prosperous and integrated subregion and ensure sustainable, harmonious and balanced development as well as stimulating inclusive growth in the region to ensure that all people enjoy benefits from the globalization and the fourth Industrial Revolution.
The CLV-10 Summit reviewed the implementation of a master plan on regional socio-economic development for 2010-2020 and mapped out cooperation orientations in the time to come, especially enhancing trilateral economic links.
This was the first time leaders of the Asian Development Bank (ADB), the World Bank (WB) and the Association of Southeast Asian Nations (ASEAN) had partaken in the summit.
The CLV leaders acknowledged the remarkable progresses in the trilateral cooperation over the past time in wide-ranging fields from infrastructure to trade facilitation. They emphasized the importance of the CLV cooperation in maintaining regional peace and stability, supporting socio-economic development in each country, and helping 13 border provinces to narrow development gaps.
At the summit, the CLV leaders reiterated their commitment to augmenting all-around cooperation between the three countries as a contribution to the building of integrated, sustainable and prosperous economies in the development triangle area, which is an inseparable part of the ASEAN Community Vision 2025.
They underscored the need to solidify connectivity between the three economies to sharpen their competitiveness and effective involvement in regional and global value chains and cope with common challenges.
The leaders touched upon the expansion of the CLV Development Triangle Area to the whole three nations, yet only the 13 border provinces, and concurred to entrust ministers and experts to study this issue.
The three PMs of Cambodia, Laos and Vietnam adopted a master plan for CLV connectivity until 2030, which covers major orientations for strengthening infrastructure, institutional, economic and people-to-people exchange connectivity.
The establishment of the CLV Development Triangle Area aims to reinforce solidarity and cooperation between the three countries to ensure security and political stability, reduce poverty and develop the regional economy.
The CLV cooperation focuses on security, external affairs, transport, industry, agriculture, trade, investment, social affairs and environmental protection.
The GMS-6 and the CLV-10 summits drew a close after three working days in Hanoi from March 29-31, indicating the GMS countries’ aspiration and determination to build a Mekong subregion of peace, prosperity, and sustainable development for people.