Hanoi(VNA) – The Greater Mekong Sub-region (GMS) Business Summit, which opened inHanoi on March 30 on the sidelines of the sixth GMS Summit as an initiative ofVietnam, has created an opportunity for governments to hold dialogue with enterprisesand development partners, and encourage their stronger engagement in GMSactivities.

In his speech,Cambodian Prime Minister Hun Sen said, as GMS countries are likely to face the emergenceof protectionism and the drop in foreign investment, they should strengthenefforts in regional integration and economic connectivity through prioritisedareas of finance, economy, e-commerce and cross-border trade.

Chinese StateCouncilor and Foreign Minister Wang Yi stressed that the GMS Business Summit isimportant as this is a chance for GMS countries to listen to the voice ofenterprises and call for the firms’ stronger involvement.

He revealedthat China is widely opening its door for regional countries, showing China’s determinationto promote trade liberalisation, open service market and attract more foreigninvestment.

China has sofar invested 40 billion USD in GMS countries through soft loans and funding for20 infrastructure projects, he noted.

Meanwhile, LaoPrime Minister Thongloun Sisoulith affirmed that the Lao Government willcoordinate more closely with GMS states to promote business activities.

He called onbusinesses to increase investment in regional projects, thus helping enhancecompetitiveness in the GMS, while strengthening affiliation in science, andtechnology.

Myanmar VicePresident U Henry Van Thio held that low labour costs and natural resources areno longer advantages of GMS countries, underlining that the states shouldcreate a new impetus for sustainable growth, in which the development of theprivate sector is vital.

Sharing theMyanmar leader’ idea, Thai Prime Minister Prayut Chan-ocha said he believesthat creativity and digital technology will emerge as a new momentum for economicdevelopment on the foundation of public-private partnership.

He highlightedthe need to exploit digital economic potential, encourage businesses to applyscientific and technological advances and support them in accessing capital andmarkets. GMS countries should also foster market links to enhancecompetitiveness, he said.

President ofthe Asian Development Bank Takehiko Nakao praised GMS countries’ progress ineconomic development, poverty reduction, community development and competitivenessimprovement.

He held thatcooperation among GMS countries will help businesses optimise advantages fromtechnological advances as well as access markets, enhance investment efficiencyand share ideas.

The ADB leaderpledged that the bank will continue supporting the GMS in enhancing theinvolvement of the private sector in regional economic development.

ASEANSecretary-General Lim Jock Hoi said that the ASEAN is experiencing a dynamicdeveloping period. The bloc is predicted to become the world’s fourth largesteconomy in 2050, which goes along with improved incomes and living conditionsof people in the regional nations. This is also a great opportunity forinvestors, he stated.

At the summit, JoaquimLevy, World Bank Managing Director and Group Chief Financial Officer, forecastthat the global economic growth will reach 3.1 percent in 2018, and that of GMSwill be 6 percent in following years.

Although the povertyrate will continue to fall, there are still risks of instability that force GMScountries to be careful in macro-economic policy, Levy stressed.

Changes intechnology and population as well as climate change will greatly affect GMScountries where two-thirds of the population are poor, he noted.

The GMSBusiness Summit drew representatives from nearly 100 internationalorganisations and development partners, together with more than 2,000 domesticbusinesses and those outside the GMS region.

GMS wasestablished in 1992 as an initiative of the Asian Development Bank (ADB). The GMSProgramme is the most complete cooperation programme that involves Vietnam,Laos, Cambodia, Thailand, Myanmar, and China’s Yunnan and Guangxi provinces.

The sixth GMSSummit, themed “Leveraging 25 years of cooperation, Building an integrated,sustainable and prosperous GMS aims to celebrate the 25th founding anniversaryof the GMS Programme and define cooperation orientations to build a region ofprosperity, integration and sustainable development.-VNA