On December 8, 2022, Mr. Arkhom Termpittayapaisith, Minister of Finance, in his capacity as the GMS Minister for the Greater Mekong Subregion Economic Cooperation Program (GMS), led the Thai delegation to attend the 25th GMS Ministerial Conference. The conference was held under the theme “Accelerating Economic Recovery to Build on 30 Years of GMS Success for Inclusive and Sustainable Development.” The Ministry of Planning and Investment of the Lao People’s Democratic Republic (Lao PDR) hosted the meeting in collaboration with the Asian Development Bank (ADB). Mr. Wanchat Suwankitti, Deputy Secretary-General of the National Economic and Social Development Council (NESDC), in his role as the National Coordinator for the GMS Program, also participated in the conference.
The conference was attended by GMS Ministers from the six participating countries, including Mr. Sok Chenda Sophea, Minister Attached to the Prime Minister and Secretary-General of the Council for the Development of Cambodia, Kingdom of Cambodia; Mr. Xiang Fang Cheng, Deputy Ambassador of the People’s Republic of China to Lao PDR; Dr. U Wah Wah Maung Deputy Minister of Investment and Foreign Economic Relations, Republic of the Union of Myanmar; Mr. Tran Quoc Phuong, Deputy Minister of Planning and Investment, Socialist Republic of Vietnam. Mr. Khamjane Vongphosy, Minister of Planning and Investment of Lao PDR, co-chaired the meeting with Mr. Ahmed M. Saeed, Vice-President of the Asian Development Bank. The conference was attended by representatives from both public and private sectors of all six GMS member countries, as well as Development Partners.
On this occasion, the Minister of Finance expressed congratulations on the 30th anniversary of the GMS Program, noting the progress made in various projects. These include the GMS Highway Expansion Project Phase 2, which expanded Highways 22 and 23 in the Northeast, and the project to expand all border checkpoint highways to 4 lanes, which has been completed. These improvements have facilitated international travel and goods transportation, contributing to economic expansion in the subregion. Additionally, there are important projects that Thailand is implementing jointly with Lao PDR, such as the construction of the 5th Thai-Lao Friendship Bridge (Bueng Kan-Bolikhamsai), the 7.5 km railway construction project from Thanaleng Station to Vientiane, and the improvement of Road 12 (R12) in Lao PDR from the 3rd Thai-Lao Friendship Bridge to Nam Phao border checkpoint. These projects will position Thailand and Lao PDR as trade and logistics hubs in the GMS subregion.
Simultaneously, the Minister of Finance proposed that the conference consider the possibility of initiating new funding approaches for environmentally friendly projects, such as issuing Green Bonds, similar to the successful issuance of Sustainability Bonds by Thailand’s Ministry of Finance. Furthermore, the Minister suggested that the governments of all six countries expedite the implementation of the Early Harvest scheme under the Greater Mekong Subregion Cross-Border Transport Facilitation Agreement (CBTA) continuously, as the COVID-19 situation improves. This includes accelerating the improvement of border checkpoint regulations to enhance the competitiveness of businesses in the GMS subregion. Regarding competitiveness development, the Minister supported member countries in promoting the adoption of digital technologies by tourism Micro, Small, and Medium Enterprises (MSMEs) to add value and address business challenges, which will generate income for local communities. In terms of GMS community development, the Minister emphasized concrete implementation of the “GMS One Health” approach to prevent future severe epidemics. Additionally, he encouraged the Environment and Agriculture Working Groups to jointly apply the BCG model to their collaborative efforts. He also noted that the GMS Gender Equality Strategy will support women in playing a greater economic role in households.
On this occasion, the Minister of Finance emphasized to the conference the importance of accelerating the implementation of various cooperation plans and projects. All sectors must work together to “take action” to achieve tangible and concrete results for the economic prosperity and mutual benefits of the people in the Mekong subregion. At the same time, the GMS Ministers jointly endorsed five documents: (1) Joint Ministerial Statement of the 25th GMS Ministerial Conference, (2) GMS Gender Equality Strategy, (3) Results Framework for the GMS Strategic Framework 2030, (4) GMS Digital Economy Cooperation Initiative, and (5) New Regional Investment Framework 2025. These five documents align with the issues under Thailand’s 20-Year National Strategy, the 13th National Economic and Social Development Plan, and the push to achieve the country’s Sustainable Development Goals (SDGs).
The 25th GMS Ministerial Conference presents an opportunity to accelerate progress in infrastructure development (Connectivity) along economic corridors to facilitate value chain linkages and economic activities, trade, and investment. Enhancing competitiveness by applying digital technologies to add value and solve problems in local tourism and agriculture businesses will increase income for local people, thereby reducing income inequality. It also creates economic opportunities for Micro, Small, and Medium Enterprises (MSMEs). The development of the GMS community (Community) includes implementing the “One Health” approach, applying the BCG model, and promoting an increased role for women. These three pillars of GMS development (3Cs) will result in improved quality of life for Thai people, enabling Thailand to compete in the economic system and achieve the vision of a secure, prosperous, and sustainable country.
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News/Photo: International Strategy and Cooperation Division
