It is the eighth summit of the group comprising Cambodia, Laos, Myanmar, Thailand and Vietnam that was established in 2003 during the Thaksin Shinawatra administration. The summit, chaired by Prime Minister Prayut Chan-o-cha, would see the adoption of major documents including the Bangkok Declaration and the 2019-2023 master plan. Cambodian Prime Minister Hun Sen and Myanmar President U Win Myint arrived in the capital yesterday to attend the ACMECS CEO forum with the business community, focusing on regional development and business opportunities. During yesterday’s opening ceremony, Prayut encouraged the private sector to cooperate with their public sector counterparts to drive investments in not only target industries but also in infrastructure. “The Asian Development Bank estimates that the Southeast Asia region would require as much as US$15 billion [Bt486 billion), accounting for 6 per cent of GDP [gross domestic product],” Prayut said. “The amount is too huge for governments alone to foot the bill, hence we need to forge public-private partnership.” To drive ACMECS funding, the Thai PM said there was a need to increase fiscal regulation flexibility via, for instance, promotion of the Eastern Economic Corridor to lubricate connectivity at the subregional and regional level like China’s One Belt One… Read full this story
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