ASEAN KEY DESTINATIONS
Triangular fund proposed for Laos, Vietnam, Cambodia
Speaking at a meeting at Phnom Penh's Peace Building, the premier highlighted plans to deepen cooperation through the 2010 to 2020 “master plan” for economic growth in the CLV-Development Triangle Area.
“Since financing remains a big challenge for all of us, I would suggest that we address this issue by initiating the establishment of a CLV Fund to mobilise financial resources to fund projects,” he said.
“Japan has already provided a US$20 million grant for the development of the area in order to ensure concrete and fruitful outcome of this cooperation,” he said.
The cross-border CLV region was created in 1999 to support agriculture, energy, tourism and trade industries through coordinating infrastructure projects, developing human resources and facilitating the flow of people and capital.
It comprises 13 provinces and 6.5 million people across the three countries, including Mondulkiri, Rattanakiri, Stung Treng and Kratie provinces in Cambodia.
The need for joint development was emphasised during yesterday's meeting, as the regions economies emerged from the effects of the world economic crisis.
Hun Sen said yesterday: “The strengthening of cooperation is truly crucial in the regional and global context after the recent global financial crisis.”
He also urged his counterparts to adopt a proposal for preferential policies to benefit business and investment.
The prime minister also said that prioritisation was key to the area’s success.
“CLV countries are facing the shortages of financial resources for the implementation of many programs and projects,” he said.
“I believe that, firstly, we should commit to primarily short-listing a number of prioritised projects from our cooperation sectors – such as infrastructure, trade and investment, social development and cultural conservation, agro-industry, tourism and the environment.”
High-ranking Cambodian officials stated that progress had already been made..
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