ADB President Takehiko Nakao (Source: VNA) Jakarta (VNA) – The Asian Development Bank (ADB) will continueto be a trusted partner of Greater Mekong Sub-region (GMS) countries in their effortsfor future growth, ADB President TakehikoNakao wrote in an article published by Indonesia’s Jakarta Globe newspaper.
In the article, entitled “Securing Future Prosperity ofthe Greater Mekong Sub-region,” the ADB President underlined that GMS countrieshave made stunning progress over the past quarter century.
The GMS Economic Cooperation Programme has contributed significantly to thistransformation, he wrote, noting that since it was established in 1992 as ameans to enhance economic relations and promote regional cooperation, its sixmember states – Cambodia, China, Laos, Myanmar, Thailand and Vietnam – havebuilt a platform for economic cooperation that has mobilised almost 21 billionUSD for high-priority infrastructure projects.
Foreign directinvestment (FDI) into the sub-region has surged tenfold and trade between itscountries has climbed to over 414 billion USD from 5 billion USD.
The author pointed to challenges to GMS prosperity, including climate changeadaptation and mitigation, energy efficiency, food security and sustainableurbanisation, along with new challenges such as growing inequalities, risinglevels of cross-border migration, and the potential impact on jobs of thefourth industrial revolution.
However, he stressed that there are also emerging opportunities for the region,including incorporating new technologies in various sectors such as education,agriculture, health, and finance. GMS countries are situated at the crossroadsof South and Southeast Asia, and hence they can benefit from the increased momentumfor growth in South Asia.
GMS countries have identified a new pipeline of 227 projects worth about 66billion USD under the GMS Regional Investment Framework 2018-2022, he noted,adding that these projects will expand economic prosperity by developingcross-border transportation and energy infrastructure.
According to Takehiko Nakao, the ADB, which has been the programme'ssecretariat since its inception, expects to provide 7 billion USD over the nextfive years for a range of projects supporting transportation, tourism, energy,climate change mitigation and adaptation, agribusiness value chains and urbandevelopment. This builds on more than 8 billion USD in financing provided by theADB so far under the programme.
The GMS will benefit from strengthened partnerships with other regional andglobal cooperation platforms, leading to new opportunities for futuredevelopment. Partnerships with the private sector will also be increasinglyimportant, and it is gratifying to see them deepening through the GMS BusinessCouncil, the Mekong Business Initiative, the e-Commerce Platform, GMS tourismand agriculture forums, and the recent Finance Sector and Trade FinanceConference, he asserted.
“I am optimistic that the sub-region will meet its challenges and capitalise onemerging opportunities. By working together, GMS countries can deliver rapid,sustainable and inclusive growth for another 25 years and beyond. The ADB willcontinue to be an important and trusted partner in that endeavor,” concludedTakehiko Nakao.-VNA
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