Economic Cooperation

Sep 18, 2012 (LBT) - “Asian Development Bank has assisted sub regional economic cooperation in the Greater Mekong Sub region (GMS) to enhance their economic relations, covering nine priority sectors” said Rita O’ Sullivan, Country Director of the Asian Development Bank in Sri Lanka at the recently held Interactive evening of the Sri Lanka – Vietnam – Greater Mekong Sub-Region Business Council of the Ceylon Chamber of Commerce.

The nine priority sectors developed in the GMS region included agriculture, energy, environment, human resource development, investment, telecommunications, tourism, transport infrastructure and transport & trade facilitation.

The Greater Mekong Sub region has enjoyed a period of sustained and buoyant economic growth over the last decade averaging 6.5%. Over the last decade, the Greater Mekong Sub region economic cooperation program has mobilized over $14 billion in completed and planned investments. It has facilitated and delivered multi-modal transport systems, anchored in transport/economic corridors, energy interconnections and investments in the information superhighway-laying the basis for expanded physical connectivity, enhanced production and employment opportunities and improved livelihoods.

The GMS Transport Sector Strategy 2006–2015 identified nine road corridors that will form the sub region’s network of transport links. They form the base for the development of ‘economic corridors,’ which integrate infrastructure development with trade, investment and other economic potentials of a set of specific geographical area, while at the same time undertaking efforts to address social, environmental and other potentially adverse impacts of increased connectivity.

Tourism is another dynamic sector in the Greater Mekong Sub region and continues to be an important component of the overall GMS Economic Cooperation Program. Over the years and despite the recent global economic slowdown, the tourism industry has remained resilient and continues to serve as a driving force for poverty reduction by creating jobs, generating foreign exchange revenues and enhancing the economic value of natural and cultural heritage assets. It has served as an instrument for empowering local communities through community-based tourism, livelihood activities and for promoting gender equality by linking women to the tourism economy through direct and indirect employment opportunities.

The ADB has been an active partner of the GMS countries in the collective effort to harness the potential of the tourism industry to contribute to poverty reduction in the GMS.

Sri Lanka – Vietnam Business Council of the Ceylon Chamber of Commerce established in 2010 sperad its wings in July 2012 to Cambodia, Laos, Myanmar and Thailand of the Greater Mekong Sub region with the objective of further expansion of trade, investment and tourism between Sri Lanka and the region. As a result, the name of the Sri Lanka – Vietnam Business Council was supplemented as Sri Lanka – Vietnam Business Council - Greater Mekong Sub Region - Thailand, Myanmar, Laos and Cambodia. The Greater Mekong Sub Region (GMS) is a natural economic area bound together by the Mekong River, covering 2.6 million square kilometers and a combined population of around 326 million people.

Bilateral Business Councils, an integral part of the Ceylon Chamber of Commerce (CCC) play a vital role in the promotion of international business. They have a great impact on promoting exports and attracting investments through joint meetings with partner countries. The Business Councils facilitate business matchmaking events through business promotion missions, trade fairs and product and service catalogue exhibitions as means to promote bilateral business.

Sourced: lbt.lk/news