Cambodia as a member of the six-nation Greater Mekong Sub-region (GMS) endorsed a five-year action plan framework that includes $64 billion in projects to help the sub-region achieve inclusive growth and sustainable development.
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Ministers at the 22nd GMS Ministerial Conference on Friday celebrated 25 years of economic cooperation, acknowledging the achievements of an Asian Development Bank (ADB) programme that has created a strong bond of openness, mutual trust and shared commitment.
“The GMS Programme has been guided by the 3 Cs: connectivity, competitiveness, and community. This overarching approach to regional development produced significant results,” said ADB vice-president Stephen Groff.
The GMS Programme also helps identify and implement high-priority sub-regional projects in a wide range of sectors, from transport corridors to market integration.
“Although ADB facilitated the process, the initiative was driven by the countries themselves, with a sharp focus on joint action to address common challenges,” added Mr Groff.
“Six countries – Cambodia, the People’s Republic of China (specifically Yunnan Province and Guangxi Zhuang Autonomous Region), Lao People’s Democratic Republic, Myanmar, Thailand, and Vietnam – entered the programme in 1992, with assistance from the Asian Development Bank, to enhance economic relations,” stated an ADB press release.
Under the programme, investment projects worth more than $19.1 billion have so far been undertaken.
At the meeting, the ministers welcomed the preparation of the Hanoi Action Plan (HAP) 2018-2022, which calls for an expansion of economic corridors to boost connectivity between countries as well as within rural and urban centers to ensure a more equitable distribution of the benefits of economic growth