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Greater Mekong plan to focus on economic corridors
Member countries of the Greater Mekong Subregion (GMS) under a new Regional Investment Framework (RIF) have agreed to draft a collection of potential projects worth US$50 billion
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ember countries of the Greater Mekong Subregion (GMS) undera new Regional Investment Framework (RIF) have agreed to draft a collection of potentialprojects worth US$50 billion.
'The next generation of projects can help boost cross border trade and investment and stimulate employment and growth,' Asian Development Bank (ADB) vice president Stephen Groff said in an official release Thursday.
The ADB acts as Secretariat for the GMS Economic Cooperation Program.
'Missing transportation links remain the core of the GMS program, but strengthening knowledge and soft infrastructure ['¦] and collectively managing regional public goods is also a priority,' he said.
The RIF was endorsed at the conclusion of the 19th Ministerial Conference of the GMS Economic Cooperation Program, held in Vientiane, Lao People's Democratic Republic. The Framework encompasses subregional investments and technical assistance projects prepared by all GMS countries.
The RIF aims to support multi-sector projects. Along with developing urban and logistics centers, it will try to create a subregional power market as well as emphasize the need for investments to help member countries build resilience to climate change, enhance agricultural competitiveness and to promote food safety and security.
