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| Leaders of the GMS Summit discuss prospects for the economy at the opening ceremony on Friday in Hanoi. Photo: Giang Huy |
It is the first time Vietnam has hosted the GMS Summit, which will include a new event called the GMS Business Summit, an initiative put forward by Vietnam to create an opportunity for 2,000 business leaders from different countries to meet and discuss development issues in the subregion.
A series of events will also offer leaders of the six Mekong River countries the chance to meet and discuss prospects for the economy and development drivers. Representatives from Cambodia, China, Laos, Myanmar, Thailand and Vietnam will also examine and decide on the 2018 private sector action plan.
“Despite our achievements, the GMS remains a valley of growth potential in comparison with ASEAN, Asia and the world in terms of GDP per capita, infrastructure, technology capability, finance and human resources,” said Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry (VCCI), at the opening ceremony.
GMS countries have great advantages in agriculture and tourism because of their important economic, political and resource bases, which can make them the new “kitchen” and “factory” of the world’s economy, according to Loc. However, the chairman of the VCCI also pointed out that there are challenges to overcome.
“The greatest challenge for GMS economies in terms of institutional quality and competitiveness is to reach international standards so they can connect to global supply chains,” said Loc. “What will drive the GMS in the future will be start-up spirit, the development of micro, small and medium enterprises and women-owned businesses,” he added.
Read full article at VNExpress: https://e.vnexpress.net/news/business/mekong-river-countries-can-be-next-kitchen-and-factory-of-the-world-summit-3730205.html
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