ASEAN KEY DESTINATIONS
GMS Business Summit focuses on infrastructure, business development
Countries in the Great Mekong Sub-region (GMS) should focus on improving the infrastructure to better the connectivity among them, said Arkhom Termpittayapaisith, Thailand’s Minister of Transport.
Speaking at the GMS Business Summit on Friday, he said the connectivity among GMS countries was not good enough as the local governments in power were not very efficient.
The GMS community is celebrating its 25th anniversary this year.
Arkhom also urged member economies to work together to develop new industries with high-added value, while ensuring the sustainable development of agriculture and food sectors as the two had always been the strength of the region.
The six member countries of the GMS community should also improve the business and investment environment so that they can move forward and benefit each other, Arkhom said.
To do that, the governments must work together to reduce regulations and legal barriers that have prevented the GMS business community from developing further, he added.
Local governments should ensure that all businesses are able to benefit from the digitalisation era or the 4.0 industrial revolution, so that they can move further and develop and stimulate more values not only for their own nations but also for the whole region, Arkhom said.
Vu Tien Loc, President of Viet Nam Chamber of Commerce and Industry, said despite achieving many milestones in the past, the GMS community has remained weak in its own development compared to ASEAN, Asia and the world regarding per capita gross domestic product, infrastructure development, financial and technological foundation as well as quality of human resources.
The sub-regional business community will play an important role in driving the region’s economic growth, bringing opportunities to become a new manufacturing hub of the world while maintaining its advantages in abundant natural resources, cheap labour and young population, Lộc said.
Besides such advantages, GMS economies must improve their economic models and competitiveness, while the GMS business community must meet international standards and be present in the global supply chain, he said.
Thus, a major boost for the development of the GMS community will be entrepreneurship, development of micro and small- and medium-sized enterprises as well as integration of woman-owned firms, he added.
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