Prime Ministers from Mekong Nations to Chart Future Course for Region

VIENTIANE, LAO PDR - Prime ministers of the six countries sharing the Mekong River are convening in the Lao People’s Democratic Republic for tomorrow’s Third Greater Mekong Subregion (GMS) Summit.

Leaders will discuss coordinated actions to reduce poverty and promote sustainable development in the region through expanded transportation and telecommunication linkages, streamlined trade agreements, and greater environmental management efforts.

The leaders are being joined by Asian Development Bank (ADB) President Haruhiko Kuroda.

Since its inception in 1992, the GMS has developed into one of the fastest growing regions of the world, with an average gross domestic product of over 6% in recent years.

Exports from GMS countries, excluding the People’s Republic of China, have quadrupled from $37 billion in 1992 to $179 billion in 2006, and foreign direct investment in the GMS has more than tripled from $2 billion in 1992 to $7 billion in 2005.

Annual tourist arrivals have also risen dramatically, from 10 million in 1995 to over 22 million in 2006.

Over the past 15 years, approximately $10 billion in investments have been made in 34 regional development projects. ADB has contributed over one-third of the overall amount.

“The nations and 320 million people who share the Mekong region have transcended past conflicts in order to work together for the betterment of their shared futures,” said Arjun Thapan, Director General of ADB’s Southeast Asia Department.

“The gains realized by Mekong nations over the past fifteen years clearly demonstrate that coordination and cooperation between neighbors is the most direct pathway to greater prosperity,” he added.

ADB has been the lead supporter of the Greater Mekong Subregion Economic Cooperation Program since it began in 1992.

The GMS program focuses on nine development areas: agriculture, energy, the environment, human resource development, private investment, telecommunications, tourism, trade and transportation.

Tomorrow GMS nations are expected to endorse a five-year action plan (2008-2012) to foster economic growth and prosperity in the region.

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