Sept. 18 – The six countries sharing the Mekong River have agreed to hasten the development of the region’s economic corridors during the 2nd Greater Mekong Subregion Economic Corridors Forum held in Phnom Penh, Cambodia.
The ministers from Cambodia, People’s Republic of China, Thailand, Lao People’s Democratic Republic, Myanmar, and Vietnam have agreed to focus on improving the the East-West, North-South and Southern economic corridors of the Mekong River.
“With good roads and other physical infrastructure largely in place, today’s commitment bodes well for the region’s continued economic development,” ADB Vice-President Lawrence Greenwood said in a statement. “Now Mekong nations need to double their efforts to streamline cross-border transactions and transportation costs, to ensure trade between Mekong nations can flourish.”
The new initiatives agreed on during the forum should help enhance the sub-region’s business environment and increase investment. This will also ease private investment in the economic corridors.
“As countries move forward in developing the economic corridors, they must be mindful of the social and other risks of development. It is essential that the corridors improve the standard of living of all families living along them, and do so without undue environmental costs,” Greenwood added.
The Economic Corridors Forum was held to facilitate economic coordination and collaboration between the public and private sectors and government agencies with the aim of changing the sub-region’s transport corridors into economic zones.
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