Greater Mekong Sub-region (GMS) Summit: Cooperation, integration and development

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With great efforts by member countries, many cooperation programs within the Greater Mekong Sub-region (GMS) are being implemented. Photo: Hoang Anh.

“On the same river”- the legendary Mekong

Six countries - China, Laos, Cambodia, Myanmar, Thailand and Vietnam – are located along the Mekong, generations after generations. “We are proud to be born here, in fertile lands, diverse in culture, rich in potential, connected to major economies, namely ASEAN, China and India. With great efforts by member countries, supported by international organizations, many cooperation programs within the Greater Mekong Sub-region (GMS) are being implemented. GMS supply chains are being expanded”, Dr. Vu Tien Loc – the Chairman of Vietnam VCCI opened at the meeting.

It’s been a quarter of a century since the launch of the GMS Economic Cooperation Program, supported by the Asia Development Bank (ADB). During this time, these countries have witnessed greater reform and development achievements in the GMS countries. The most important achievement is the rapid process of industrialization which is taking place, together with successes in poverty reduction and the booming of the GMS private sector.

The GMS Business Council (GMS-BC) plays a pioneering role in this development process. This is a mechanism aiming to connect the regional business community. It is also a partner in the public-private partnership for the development of GMS in which national chambers of commerce and industry play the ownership roles.

In this GMS Business Summit, held for the first time, the countries discuss business outlook and new economic drivers, and decide the private sector development action plan 2018.

Challenges and opportunities

Despite of many achievements, GMS remains in the catchment area of lower level development in comparison with ASEAN, Asia and the world, in GDP per capita, infrastructure, technology, finance and quality of human resources etc. Facing the new requirements of development, opportunities and challenges are enormous for the GMS.

With significant geo-economic, geo-politics, abundant natural and human resources, an ever-deepening and broad reform and integration due to the industrial revolution 4.0., the countries have comparative advantages in agriculture and tourism.

“We can become “the kitchen of the world”. We can also become a new manufacturing hub of the world, due to inexpensive labour and young population”, the Chairman of Vietnam VCCI emphasized.

The biggest challenge of the GMS economies is institutional quality and business competitiveness in order to meet the international standards and to connect to the global supply and demand chains. The GMS economic drivers in the coming years will be entrepreneurship, micro, small and medium enterprises, and women-led enterprises.

Accordingly, GMS countries shall discuss all of these issues in the summit. They also hope that these entrepreneurs’ networks will multiply GMS’ efforts in integration and development, together with various initiatives and programs to promote regional connectivity, facilitate trade and investment, training, protect the environment, and foster sustainable development.

In addition, they will propose further consideration to implement the connectivity program through super-highway cables, abolishment of mobile phone roaming fees, and establishment of an association to address cyber-security challenges among the GMS countries.

If implemented, these initiatives could create a platform to allow GMS countries to leap-frog in the industrial revolution 4.0. This will help increase competitiveness of the GMS economies.

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As an example, Viettel Corporation, from Vietnam, will have a presentation on these initiatives during a panel discussion at the summit.