WORLD Thai PM proposes to build neighboring countries into the new value chain hub of Asia

WORLD

Thai PM proposes to build neighboring countries into the new value chain hub of Asia

By Sun Guangyong and Lin Rui | People's Daily app

23:17, June 24, 2019

Bangkok, (People's Daily) - The CLMVT Forum 2019 kicked off on Monday in Bangkok, where Thailand’s Prime Minister General Prayut Chan-o-cha delivered a keynote speech highlighting the forum’s theme “CLMVT as the New Value Chain Hub of Asia.”

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Photo by Sun Guangyong/ People's Daily

Organized by Thailand’s Ministry of Commerce in association with eleven partner organizations, the event showcased the strong potential and competitiveness of the five CLMVT countries — Cambodia, Lao PDR, Myanmar, Vietnam and Thailand — at a time of global economic volatility and trade tensions.

The forum is also a platform to discuss innovative ideas and possible cooperation to build regional trade and investment networks and establish the region as the new value chain hub of Asia. 

“The Thai government has long recognized the high potential of the CLMVT region as a new hub of the Asian and global economy,” the prime minister said in his address at the forum’s opening ceremony. “Thus, we are pleased to host the CLMVT Forum again this year under the theme of ‘CLMVT as The New Value Chain Hub of Asia.’”

“We aim to mobilize seamless connectivity throughout the value chain, both within and outside of the CLMVT region. We also aspire to develop a network of business leaders, young entrepreneurs, policy makers, academics, and youth in the CLMVT region in order to achieve sustainable mutual prosperity. In this era of changes, where technologies can rapidly revolutionize the world and geopolitical tensions remain high, cooperation is more important than ever,” said the prime minister.

The prime minister emphasized, “The shared prosperity within the CLMVT region must be led by the private sector and academia. The government will play a supporting role as a facilitator by building the groundwork for development. The private sectors in our region have long proven their ingenuity when it comes to business expansion and innovation, while also making key contributions in terms of cooperation in all areas. This CLMVT Forum 2019 can provide all participants with valuable information and inputs from various brainstorming sessions plus direct knowledge from esteemed speakers, especially with CLMVT ministers personally addressing the limitless potential of the region. Participants have the platform to discuss future directions, cooperation, and meet any global challenges and trends without fear.

The prime minister emphasized that “technology has now become a fundamental part of our lives and business processes. This is the time of the ‘Fourth Industrial Revolution’ where digital, physical and biological technologies have merged into one, changing people’s way of life and business operation in all sectors – industry, agriculture and services, in a monumental scale. New technologies will come with their own challenges. Fiercer competition, uncertainties and volatilities now characterize the global economy. tThis means all sectors of the CLMVT region must adapt and cooperate to move forward through partnership in addition to competition. We must ensure that small players can participate in the modern value chain by constantly learning, reducing costs and generating added value.”

“Thailand firmly believes that we are ‘stronger together’. We operate under the principle of inclusive development that will leave no one behind. The CLMVT has long standing relations, building on mutual respect for our diversity and the support of mutual prosperity. This CLMVT Forum will contribute to our sustainable development goals and send a strong message of our limitless potential born out of our unity to the global stage.” the prime minister said.

Acting Minister of Commerce of Thailand Chutima Bunyapraphasara said, “The CLMVT region is brimming with potential. The region is located at the heart of Asia and has been experiencing rapid growth. CLMVT has state-of-the-art infrastructure, abundant natural resources, and capable human capital. It has rightly become one of the most attractive trade and investment hubs in Asia and the world.”    

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