On Thursday, May 11, 2023, the 15th IMT-GT Summit (Indonesia-Malaysia-Thailand Growth Triangle) was held in Labuan Bajo, Republic of Indonesia. The leaders of the three IMT-GT countries jointly celebrated the 30th anniversary of the IMT-GT program’s establishment. Significant achievements of the cooperation include the continuous increase in the sub-region’s gross domestic product from US$12.79 billion in 1984 to US$405.7 billion in 2021, as well as the increase in trade value between the countries from US$97.9 billion in 1984 to US$618 billion in 2021. Additionally, projects under the physical connectivity plan have been implemented with a total value of over US$57 billion (approximately 2.1 trillion baht) in 2022, an increase from 2009 when the total value was only US$5.2 billion.
On this occasion, Thailand emphasized four key development issues:
1. Accelerate the completion of ongoing transportation infrastructure projects and include new projects in the Physical Connectivity Projects (PCPs) for seamless connectivity in line with Thailand’s MR Map plan. This includes expediting (1) the Hat Yai-Padang Besar railway link project, (2) the road connection project between Sadao and Bukit Kayu Hitam customs checkpoints, (3) the construction of the second Kolok River Bridge (Sungai Kolok-Rantau Panjang), and (4) the infrastructure connectivity project between Satun and Perlis.
2. Accelerate cooperation in the palm oil industry, focusing on promoting value addition to palm oil products, which are important economic crops for IMT-GT member countries. Emphasize the need for all sectors to expedite concrete implementation of palm oil projects and attract investments in the palm oil industry to enhance the agricultural value chain in the IMT-GT sub-region.
3. Expedite the signing of the Framework of Cooperation between the Governments of Indonesia, Malaysia, and Thailand in Customs, Immigration, and Quarantine Procedures (FoC in CIQ) by IMT-GT member countries to facilitate seamless movement of people and goods, and enhance economic potential along the six economic corridors in the IMT-GT sub-region.
4. Develop projects under environmental cooperation to align with the BCG Model through various funding methods, such as Thailand’s sustainability bonds. Also, support the development of projects under the Green Cities program and accelerate project development according to the Sustainable Urban Development Framework (SUDF) investment plan.
Furthermore, the three countries and key development partners, including the ASEAN Secretariat and the Asian Development Bank, discussed important cooperation issues such as green development and blue economy for sustainability, the application of digital technology to enhance sub-regional development, and fostering cooperation in IMT-GT’s potential industries such as halal, rubber, and tourism.
At the conclusion of the meeting, the IMT-GT country leaders witnessed the official launch of the IMT-GT Sub-regional Tourism Year Campaign 2023-2025 (Visit IMT-GT Year 2023-2025) to celebrate the 30th anniversary of the IMT-GT program’s establishment. The campaign is based on the main concept “Follow Your Dream,” which aligns with ASEAN’s tourism concept “A Destination For Every Dream.” All sectors in the sub-region will jointly conduct various tourism activities to increase tourist confidence and revitalize the IMT-GT economy after the COVID-19 pandemic. (Watch the official launch video of the Visit IMT-GT Year 2023-2025 “Follow Your Dream” campaign at https://youtu.be/opOKzkx5gi4)
This meeting promotes economic and social development in the area to connect value chains and economic activities, trade, investment, and tourism. Local populations have increased income, resulting in reduced income inequality, as well as creating economic opportunities for micro, small, and medium enterprises (MSMEs) in the area.
For more details about the IMT-GT program, please visit https://imtgt.org
Image/News: International Strategy and Cooperation Division
