Indonesia–Malaysia–Thailand Growth Triangle
The Indonesia–Malaysia–Thailand Growth Triangle (IMT-GT) started as an early attempt at economic liberalisation & integration in ASEAN. It was formally endorsed by Indonesia’s President Suharto, Malaysia’s Prime Minister Tun Dr. Mahathir Mohammad and Thailand’s Prime Minister Chuan Leekpai in 1993.[1]
The IMT-GT is a strategic framework of international economic co-operation by the approval of leaders from the 3 countries to develop the area in the southern part of
The Asian Development Bank subsequently undertook a detailed feasibility study & formulated the framework for co-operation. The study concluded that the IMT-GT had great potential to stimulate cross-border economic integration in 6 priority areas, namely: Infrastructure Development; Agriculture & Fisheries; Trade; Tourism; Human Resource Development; and Professional Services.[3]
The IMT-GT JBC
The IMT-GT Joint Business Council (IMT-GT JBC) [4] was inaugurated in 1995 as the official vehicle to mobilise private sector participation & involvement in the IMT-GT. Between 1995–2005, the IMT-GT JBC facilitated the investment of an estimated US$3.80 billion worth of new projects in the IMT-GT region.
IMT-GT Goals
The overall goal of the IMT-GT is to accelerate private sector-led economic growth in the IMT-GT region by:
- a. Increasing trade & investment by exploiting the underlying economic complementariness and comparative advantages;
- b. Increasing exports to the rest of the world by enhancing competitiveness for exports and investment;
- c. Increasing the welfare of the people by creating employment, educational, social and cultural opportunities in the IMT-GT region;
- d. Encouraging the private sector to play a leading role, while the public sector facilitates and supports as much as possible
See also
- Indonesia–Malaysia–Singapore Growth Triangle
- Timor Leste–Indonesia–Australia Growth Triangle
- Brunei–Indonesia–Malaysia–Philippines East ASEAN Growth Area(BIMP-EAGA)
References
- ^ "About IMT-GT". Archived from the original on 17 December 2018. Retrieved 14 April 2009.
- ^ "Visit IMT-GT 2008". Archived from the original on 29 October 2008. Retrieved 21 November 2008.
- ^ "ADB's Partnership with IMT-GT". Archived from the original on 22 November 2008. Retrieved 26 November 2008.
- ^ IMT-GT JBC