Mekong River adopted Monday a blueprint to boost
industrialisation in the sub-region.
The blueprint, known as the "Mekong Industrial
Development
Vision" got the thumbs-up during a meeting between Japan's
Minister for Economy, Trade and Industry Yoichi Miyazawa
and his counterparts
from Thailand, Cambodia, Laos, Myanmar
and Vietnam in Kuala Lumpur on the
sidelines of the annual
meeting of trade ministers from the Association of
Southeast
Asian Nations and its dialogue partners including Japan.
A set of policy directions are spelled out, such as
harmonising
standards and certification to ease the flow of cross-border trade,
developing special economic zones along the border, and
collaborating with
Japanese universities and industry to
foster skilled workforces and promote
research and development.
These region-wide efforts will be implemented by 2020.
The region also needs to strengthen its infrastructure and ensure
energy supply stability. To that end, Japanese Prime Minister
Shinzo Abe announced in May that Japan will allocate
US$110 billion for the development of quality infrastructure
in the region over the next five years.
Two months later, he pledged another $6.1 billion in aid
over
the next three years to boost infrastructure as he sought to blunt
China's
growing economic and political clout in Southeast Asia,
while at the same time
boosting Japanese infrastructure exports.
Under the blueprint, a work program with specific
activities
and timelines will be formulated in collaboration with various
agencies like the Japan International Cooperation Agency,
the Japan External
Trade Organization and the Asian Development
Bank for submission to the next
Mekong-Japan economic
ministers meeting in 2016.
The Mekong countries all have great economic potential
in
view of their location between two fast-growing economic giants,
China and
India. Exports to the two countries have seen an
annual growth rate of over 20%
since 2000, according
to the document.
Foreign investments rose from $4 billion in the early
2000s
to over $10 billion in 2010s, but they are either focused on
natural
resources -- oil and gas, minerals, water and land --
or labour-intensive
industries like making shoes and clothes
and large-scale assembly lines of
manufacturing industries.
Japan's engagement with the Mekong countries is also
aimed at narrowing development disparities between the
region and the rest of Southeast Asia.
Cambodia, Laos, Myanmar and Vietnam still lag behinds
their Asean partners Brunei, Indonesia, Malaysia, Singapore,
the Philippines and Thailand. They all need a leg-up, especially
as Asean aims for greater economic integration.
Under the Asean Economic Community road map, the grouping
envisions an integrated market and production base with free flow
of goods, services, investments, skilled labour and capital.
It aims to boost the combined gross domestic product of the
grouping to $4.7 trillion by 2020. ASEAN's combined GDP
is currently estimated at $2.7 trillion.
News,Asia,Bangkok Post,24 August 2015.
In my viewpoint,this is good opportunity for the country to
stimulate more investment both from foreigner investors
and from local investors.
And other facilities for investment such as infrastructure,
process and procedure,source of fund,wage rate, including
tax rate should provide to support and stimulate for growth
in the future.
Sincerely Yours.
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