BANGKOK, 24 June 2019 (NNT) – Thailand’s Prime Minister, Gen. Prayut Chan-o-cha, today attended the opening of the CLMVT Forum 2019, and urged its member countries to push for the development of the CLMVT Regional Value Chain, so that they can have more bargaining power and improve the well-being of their citizens.
Prime Minister Prayut attended the opening of the CLMVT Forum 2019 and delivered a speech on “CLMVT as the New Value Chain Hub of Asia”.
He said the Thai government recognises the ability of the CLMVT region to become a new economic centre. By creating a network of business leaders, entrepreneurs, legislators, academics and youth members, they will bring about sustainable development while coping with technological advancements and the ongoing trade war.
To ensure progress in the region, it is necessary for the private sector and academics to improve business capabilities with the support of the government.
Gen. Prayut added that the Regional Comprehensive Economic Partnership (RCEP) trade pact will have to be concluded this year in order to strengthen the region’s negotiating power. This will also greatly benefit the CLMVT member countries and improve the well-being of their citizens.
The Ministry of Commerce, in cooperation with 11 relevant agencies, hosted the CLMVT Forum 2019. The event served as a platform for delegates from Cambodia, Laos, Myanmar, Vietnam, and Thailand to discuss and exchange ideas on enhancing regional capabilities, coping with the ongoing trade war and global economic volatility, and become the new value chain hub of Asia.
In 2017, CLMVT’s GDP grew by 5.1%. From 2013-2017, external trade grew at an annual average of 4.6%, while intra-CLMVT trade rose by 7.1% and investment went up by 15.7%.
CLMV economies Outlook by EIC Q1/2021
Within the region, Vietnam’s economy is projected the fastest growth due to ongoing strong exports performance for electronics products and a resilient domestic economy.
The global recession and COVID-19 pandemic heavily affected CLMV economies in 2020, resulting in major slowdown in Vietnam and Myanmar whereas Laos and Cambodia faced economic contractions from additionally specific negative factors.(more…)
CLMV’s economic growth crashes to two-decade low due to COVID-19
The COVID-19 crisis has caused the rate of economic growth in the CLMV bloc to be at its lowest in two decades, the CLMV economies could grow at 3.4 percent this year
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