EWEC: Big Investment Promotion Event in Vietnam

 

The East-West Economic Corridor (EWEC), a backbone of the Mekong region cooperation framework, is the artery spanning 1,450 km across Southeast Asia from east to west. The purpose of the corridor is to boost regional cross-border investment, commerce and tourism. EWEC runs through 13 provinces of four countries in the Greater Mekong Sub-region (GMS), including Myanmar, Thailand, Laos and Vietnam.

 

EWEC brings opportunities to boost regional cooperation, improve the living standards of local people, lay the groundwork for enterprises to approach material sources and diversify economic and export activities, boost trans-border tourism and attract foreign direct investment (FDI) capital and private capital. 

 

Although it is vital to address poverty and poor infrastructure to develop the EWEC region, this place has special advantages for sustainable regional economic cooperation development, including cost factors, rich resources and an attractive market approach. The potential for cooperation, especially in commerce, investment, agriculture, farm product processing, industrial park development and tourism, is huge for all four nations along the corridor.

 

Regarding investment opportunity, the development of the EWEC traffic system plays a crucial role in the regional economy. Therefore, it is essential to build an Inland Container Depots/Inland Clearance Depots chain in the corridor. Future investment for infrastructure and human resource management and development for the tourism industry is also a priority of the four EWEC nations, because this industry significantly contributes to their GDP. EWEC is rich in natural resources, cultural identities and history for tourism development. The corridor has two World Heritage sites recognised by UNESCO, namely Hue in central Vietnam and Sukhothai in northern Thailand. Visitors also have close access to two other World Heritages, My Son and Hoi An, in Vietnam.

 

Together with developing tourism, industrial zones and other sectors, investment in IT and telecom services like supplying mobile communication terminals and internet connections is also focused in this high potential market.

 

With the completion of the second Mekong International Bridge, the fundamental infrastructure system of the East-West Economic Corridor is nearly complete. Although the Corridor has been brought into operation, full exploitation of the artery remains a complex and long-term issue. It requires vision and full participation and cooperation between the public and private sectors. While the Government takes the lead in implementing the corridor and investing in the infrastructure system, the next phase of the East-West Economic Corridor heavily depends on private businesses and on the actual cooperation between the public and private sectors, especially on the supply of capital for development. Full participation of the public and private sectors in the four countries is crucial to ensure that all EWEC citizens benefit from sustainable development.

 

From the aforementioned critical requirements, the third senior EWEC meeting ratified the initiative to raise the awareness of EWEC potential, investment opportunities, and trade and tourism development. In an effort to carry out the initiative, the Vietnamese Government is organizing EWEC Week 2007 in Da Nang City, Vietnam from August 27 to September 1, 2007.

 

The purpose of EWEC Week is to raise the international community’s awareness of EWEC’s potential; create a deeper understanding between governments and business communities to further address the concerns of investors and private business communities in the region and the world over this corridor; enhance useful cooperation between EWEC localities; discuss and tackle problems arising from investment, commercial and tourism development within EWEC; and especially to continue persuading international donors to invest in the infrastructure system and facilitate trade along the EWEC.

 

EWEC Week 2007 is one of first investment promotion events in a series of similar events about this economic corridor.