ACMECS asked to step up cooperation with development partners
Monday, June 18,2018AsemconnectVietnam - Prime Minister Nguyen Xuan Phuc proposed a score of measures to improve the effectiveness of Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy Summit (ACMECS) cooperation at the 8th ACMECS, which was held in Bangkok, Thailand on June 16 with leaders from Cambodia, Laos, Myanmar, Thailand and Vietnam in attendance.
It is improve ACMECS operational mechanism and focus more on mobilizing financial resources for ACMECS cooperation through initiatives such as the ACMECS Fund and ACMECS Infrastructure Fund and Trust. It is necessary to study how to improve ACMECS's operational structure in a streamlined and efficient manner, including holding ACMECS along with the events of ASEAN and other Mekong mechanisms, PM Phuc emphasized.
Leaders shared the view that the Mekong region boasts a wide market, capable human resources, and a strategic geo-economic location connecting Indian Ocean, the Pacific and Asian markets.
However, regional countries have to face challenges from the slow recovery of the world economy, the emergence of populism, the return of protectionism, non-traditional security issues such as environment degradation, climate change and natural disasters, requiring ACMECS to further improve the efficiency of its cooperation and enhance coordination between ACMECS and other region and sub-regional mechanisms.
Participants adopted the Bangkok Declaration and the ACMECS Master Plan for the 2019-2023 period with the goal of turning ACMECS into an economic hub with seamless connectivity and strong integration, on the three main pillars of hard infrastructure and soft infrastructure connectivity and smart and sustainable development.
It will also harmonise and simplify rules and regulations to facilitate the movement of people, free flow of goods, services, and investment while promoting financial literacy, capital market cooperation as well as financial connectivity such as payment and settlement, use of local currency, fintech and cooperation between banks and other financial service providers.
For smart and sustainable development, ACMECS will promote the development of human capital in strategic areas including entrepreneurship (MSMEs/Startups), agriculture, tourism, medical services and education. Environmental cooperation will continue to be promoted, particularly in sustainable water resource management and in other strategic fields, including agriculture, industry, tourism, health, renewable energy, climate change, disaster-risk management, and natural resources conservation.
The summit also discussed Thailand’s initiative on establishing the ACMECS Fund and ACMECS Infrastructure Fund and Trust as a financing mechanism for cooperation projects in the region. The funds are said to support the implementation of proritised projects in ACMECS member countries.
It emphasized the role of businesses in and outside of the region, with the ACMECS CEO Forum and a dialogue between ACMECS country leaders and CEOs of leading companies in the region taking place for the first time. This showed that the private sector is set to be an important partner of the ACMECS in the future.
ACMECS leaders also highly spoke of Vietnam’s hosting of the World Economic Forum on ASEAN in Hanoi on September 11 – 13 this year, noting that it would be an opportunity to highlight the Mekong region as an ASEAN’s new dynamic economic engine and promote entrepreneurship in ACMECS countries.
Cambodia will host the 9th ACMECS Summit in 2020 as they agreed.
Source: vov.vn
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