CLMV nations urged to enhance economic links
Society – Economy - Ngày đăng : 12:20, 19/09/2024
In his speech delivered at the 16th Cambodia, Laos, Myanmar, and Vietnam Economic Ministers' Meeting (CLMV-EMM 16) held in Vientiane, the official acknowledged the efforts made by the four countries in accelerating economic, trade, and investment activities over the past year, amidst ongoing regional and global economic difficulties and challenges.
Deputy Minister Tan therefore expressed his hope that they will continue to co-ordinate and offer mutual support in effectively implementing free trade agreements to which they are members. This is along with improving the investment and business environment; developing transportation, energy, and telecommunications infrastructure; promoting digitalization and human resource development; strengthening support measures for businesses; and further solidifying each country's position in regional supply chains, thus maintaining momentum of trade and investment growth in the coming time.
Regarding the CLMV Action Plan for 2023 to 2024, Deputy Minister Tan greatly valued the proactive, flexible, and highly consensual co-ordination among the countries in implementing activities and projects.
He recommended that Laos, in its role as ASEAN Chair in 2024, strengthen its ties with the ASEAN Secretariat to speed up the adoption of the CLMV Senior Economic Officials' Meeting (CLMV SEOM) Terms of Reference (TOR) in 2024, with a hope that the approval could be completed before the 11th CLMV Summit slated for later this year.
He also asked Cambodia, Laos, and Myanmar to offer optimal conditions for Vietnamese financiers to carry out investment and business projects in their respective countries.
In his speech, Lao Minister of Industry and Trade Malaithong Kommasith emphasized that in the context of the increasingly complex situation in the region and across the world, CLMV countries must reinforce solidarity and close ties to address challenges.
The CLMV EMM 16 demonstrates a commitment to continued co-operation in realizing the CLMV countries’ vision, aiming to transform the region into an upper middle-income area and an economic hub of ASEAN by 2045.
Amidst numerous challenges, the CLMV countries continue to maintain economic growth, with their last year’s trade value reaching US$767.7 billion, accounting for 21.6% of ASEAN’s total trade value.
Foreign direct investment in the countries surged by 5.4% to reach US$26.4 billion in 2023 from the figure of US$25.1 billion in 2022.
Delegates discussed crucial issues, considered and approved the CLMV Senior Economic Officials' Meeting report, and provided guidance on implementing action plans for the cause of national development.