ECF - 6: Towards Economic Corridor Development

According to Vietnamese Deputy Minister of Planning and Investment, Nguyen Chi Dung, developing GMS economic corridors has been generating a very strong ripple effect and playing an increasingly important role since 1998 when the approach to economic corridors was adopted and since 2002 when East - West, North - South, and South economic corridors were defined as the leading programme in the GMS Strategic Framework in the 2002 - 2012 period. The following, ongoing GMS Strategic Framework in the 2012 - 2022 phase is now tied to the development of economic corridors.

 

However, he also stressed that GMS development is vital and necessary but the optimal efficiency requires more effective and stronger coordination between countries in the region, central agencies and localities in each member state. Besides, country leaders need to be aware of adding appropriate institutional frameworks that enable favourable coordination inside each country and among countries as well as within each sector and among sectors.

 

Also according to Deputy Minister Dung, this forum is a good opportunity for stakeholders to consider the ways to make ECF a really effective forum that helps promote the prosperity of GMS economic corridors. Particularly, stakeholders also need to consider how to strengthen ECF-related mechanisms, institutions and organisational structures and other GMS agencies today. The forum is also of special significance as it has ended the first cycle and opened up new directions for the upcoming period, thus helping place emphasis and reinvigorate efforts to promote GMS economic corridor development.

 

Stakeholders jointly reviewed important agreements, including the GMS Cross Border Transport agreement (CBTA) and transport and trade facilitation measures and planned next steps for following years. However, attending experts recommended that CBTA is the most comprehensive and advanced trade and transport agreement in the region but, with actual experience, this agreement is not easy to be done and needs high consensus from stakeholders. Regarding this obstacle, Deputy Minister Nguyen Chi Dung said, with open and frank exchanges, the forum will seek solutions to overcome difficulties in implementation and operation and possible institutional challenges to promote the effective implementation of this agreement.

 

Another important content of ECF-6 is the role of special economic zones, cross-border economic cooperation zones and industrial complexes in economic corridor development. Regarding this issue, Deputy Minister Dung said that economic corridor development is one of time-consuming complex processes. However, the gained efficiency of this process is very high if we manage to achieve joint 3C objectives: Enhancing connectivity, increasing competitiveness and achieving a greater sense of community.

 

According to ADB Vice President Bindu N. Lohani, to achieve the optimal efficiency of GMS economic corridor development cooperation, member states should enhance connectivity in transport and trade infrastructure to which they can promote investment, create jobs and sustain economic development. He added that, in the Strategy to 2020, ADB reaffirms that regional cooperation and integration is one of its key operating areas. By 2020, ADB aims to spend at least 30 percent of operations to supports the GMS region. In addition, ADB will base on these supports to extend connectivity within GMS and with other regions.

 

Chinese Ambassador to Vietnam Hong Xiaoyong recommended that ADB improve its leading role at the forum and consider organising GMS exhibitions and economic corridor events. He added that the Chinese Government and businesses have benefited tremendously from the GMS region by participating in economic corridors.

 

Sok Chenda Sophea, Secretary General of the Council for the Development of Cambodia (CDC) and National Coordinator for GMS, stressed that these economic corridors have helped Cambodia develop its economy robustly. However, he stressed it is imperative to enhance cooperation with neighbouring nations to develop sustainably and harmoniously.

 

Also in this forum, the Government of Vietnam and the Kingdom of Thailand signed a memorandum of understanding on the establishment of Greater Mekong Subregion Railway Association (GMRA). This event will open up new opportunities for cooperation between Vietnam and Thailand as well as GMS countries in the future.