The Office of the NESDB and the Asian Development Bank jointly organized the Eighth GMS Senior Official Meeting during July 2-3, 1998 at the JW Marriott Hotel, Bangkok with the participants consisting of senior officials from member countries, namely, Cambodia, Laos PDR, Mianmar, Vietnam, and People's Republic of China (PRC) (Yunnan Province).
The objectives of the program are to promote subregional development through projects that facilitate industries, trade investment and services in order o generate employment and increase the standard of living of the people in the subregion. The program also promotes cooperation in human resource and environmental development in the ways that can increase the capacity and competitiveness of participating countries in the world market.
At the meeting, Dr.Supachai Panitchpakdi, Deputy Prime Minister and Minister of Commerce, gave the welcome remarks and keynote speech by stating that, because of the economic crisis, the Thai government has decided to adjust the monetary and fiscal policy for the Thai economy will not get into a deep recession. The interest rate reached its peak a few month ago and began to decrease since then. If we can maintain the declining trend of monthly inflation rate, interest rate will keep dropping.
Correcting and adjusting macroeconomic policies of an individual country is a necessary step, but it represents a defensive strategy to cope with the crisis. We can do better by aiming to strengthen the GMS program and turn it into a joint proactive strategy for the region. In deed, the crisis would somehow slow down the GMS activities, so we should quicken the process and enhance cooperation. It is difficult for an individual economy to speed up the recovery process on its own or to draw attention from foreign in vestors. But cooperation would make the whole subregion more attractive for them. The Deputy Prime Minister also suggested the three-pronged approach. Firstly, each country should quickly adjust its domestic economy in line with the new world economic environment. Secondly, we must work closely together to implement the existing program and projects which are already planned under the GMS framework, and thirdly we should find ways to enhance economic cooperation activities in line with the new circumstances.
The GMS is also aimed at opening itself to the global economy, increasing flexibility and lowering trade protections. In order to secure and sustain economic expansion of each economy in this region, it is necessary for all of them to move closer and utilize regional demand, marketing mechanism and private sector as a base for growth. Moreover, the government must take a leading role in infrastructure development by strengthening private organization to promote commercial effectiveness of its investment in industry and infastructure to promote trade liberalization in the future. With a need for effective management, the GMS unit in each country as well as of the ADB must be stregthened, especially ADB to make sure that there will be enough personnel and resources to lead the GMS into the next phase of development.
Mr.Sansern Wongcha-um, Deputy Secretary-General of NESDB in his capacity as the leader of the Thai representatives in the meeting, said that the Office of the NESDB, as a national coordinator of GMS of Thailand, and the Asian Development Bank jointly organized this meeting. The result of the meeting will serve as inputs to the Eighth Conference of GMS Ministerial Meeting in September, 1998. All plan/project and implementing guidelines will be prepared for the Ministerial Meeting. Among the significant issues discussed during the SOM meeting were; the impact of the economic crisis on priority subregional projects and programs, and coordination with the regional initiatives affecting the GMS countries. These included subregional cooperation framework to cope with the crisis to be used for adjusting relevant programs and projects to ensure continued progress of the entire subregion.
The terms of reference for long term development strategies for the Greater Mekong subregion were endorsed at the meeting as well, so as to set directions for subregional economic cooperation. Emphasis was placed on the development guidelines and cooperation mechanism that contributed to the utmost benefits in resource utilization and allocation. The meeting proposal will be prepared to present to the Ministerial Meeting in Manila, the Phillipines in September 1998.
Mr.Sansern Wongcha-um finally stated that with the impact of economic crisis to the countries in the region, the ADB is requested to support economic cooperation in the GMS. The ADB's facilitating role, technical assistance, and financing in order to promote vision and cooperation implementation plan for concrete result are more than ever critical ingredients of successful continued cooperation in the GMS.
--Development News Bulletin, National Economic and Social Development Board, Volume 13, No.7 : July 1998--
The objectives of the program are to promote subregional development through projects that facilitate industries, trade investment and services in order o generate employment and increase the standard of living of the people in the subregion. The program also promotes cooperation in human resource and environmental development in the ways that can increase the capacity and competitiveness of participating countries in the world market.
At the meeting, Dr.Supachai Panitchpakdi, Deputy Prime Minister and Minister of Commerce, gave the welcome remarks and keynote speech by stating that, because of the economic crisis, the Thai government has decided to adjust the monetary and fiscal policy for the Thai economy will not get into a deep recession. The interest rate reached its peak a few month ago and began to decrease since then. If we can maintain the declining trend of monthly inflation rate, interest rate will keep dropping.
Correcting and adjusting macroeconomic policies of an individual country is a necessary step, but it represents a defensive strategy to cope with the crisis. We can do better by aiming to strengthen the GMS program and turn it into a joint proactive strategy for the region. In deed, the crisis would somehow slow down the GMS activities, so we should quicken the process and enhance cooperation. It is difficult for an individual economy to speed up the recovery process on its own or to draw attention from foreign in vestors. But cooperation would make the whole subregion more attractive for them. The Deputy Prime Minister also suggested the three-pronged approach. Firstly, each country should quickly adjust its domestic economy in line with the new world economic environment. Secondly, we must work closely together to implement the existing program and projects which are already planned under the GMS framework, and thirdly we should find ways to enhance economic cooperation activities in line with the new circumstances.
The GMS is also aimed at opening itself to the global economy, increasing flexibility and lowering trade protections. In order to secure and sustain economic expansion of each economy in this region, it is necessary for all of them to move closer and utilize regional demand, marketing mechanism and private sector as a base for growth. Moreover, the government must take a leading role in infrastructure development by strengthening private organization to promote commercial effectiveness of its investment in industry and infastructure to promote trade liberalization in the future. With a need for effective management, the GMS unit in each country as well as of the ADB must be stregthened, especially ADB to make sure that there will be enough personnel and resources to lead the GMS into the next phase of development.
Mr.Sansern Wongcha-um, Deputy Secretary-General of NESDB in his capacity as the leader of the Thai representatives in the meeting, said that the Office of the NESDB, as a national coordinator of GMS of Thailand, and the Asian Development Bank jointly organized this meeting. The result of the meeting will serve as inputs to the Eighth Conference of GMS Ministerial Meeting in September, 1998. All plan/project and implementing guidelines will be prepared for the Ministerial Meeting. Among the significant issues discussed during the SOM meeting were; the impact of the economic crisis on priority subregional projects and programs, and coordination with the regional initiatives affecting the GMS countries. These included subregional cooperation framework to cope with the crisis to be used for adjusting relevant programs and projects to ensure continued progress of the entire subregion.
The terms of reference for long term development strategies for the Greater Mekong subregion were endorsed at the meeting as well, so as to set directions for subregional economic cooperation. Emphasis was placed on the development guidelines and cooperation mechanism that contributed to the utmost benefits in resource utilization and allocation. The meeting proposal will be prepared to present to the Ministerial Meeting in Manila, the Phillipines in September 1998.
Mr.Sansern Wongcha-um finally stated that with the impact of economic crisis to the countries in the region, the ADB is requested to support economic cooperation in the GMS. The ADB's facilitating role, technical assistance, and financing in order to promote vision and cooperation implementation plan for concrete result are more than ever critical ingredients of successful continued cooperation in the GMS.
--Development News Bulletin, National Economic and Social Development Board, Volume 13, No.7 : July 1998--