Leaders of the five countries attending the 8th Acmecs Summit in Bangkok agreed yesterday to establish the Acmecs fund that will play a key role in supporting regional development.
The funding mechanism was proposed by Prime Minister Gen Prayut Chan-o-cha as a financing mechanism for cooperation projects under the Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy which also adopted the Acmecs Master Plan 2019-2023 and the Bangkok Declaration.
Acmecs countries include Cambodia, Laos, Myanmar, Vietnam and Thailand.
The prime minister said Thailand will contribute an amount of money as seed money and invited the Acmecs members, potential development partners and international financial institutions to provide financial support for the Acmecs fund, which will be a main source of funding for joint development projects, to implement the Acmecs Master Plan, which is the first grand plan under Acmecs cooperation which was initiated in 2003.
The five-year scheme comprises 3 inspiring goals – “Seamless Acmecs,” which focuses on filling in the missing infrastructures and transportation links, as well as the development of digital infrastructure and the interconnectivity of energy networks, and “Synchronized Acmecs Economies,” which focuses on the harmonization of trade and investment rules and regulations as well as financial cooperation.
“Members countries will work together to find out the missing links shortly after the summit and detail on how to connect these transportation links,” said Gen Prayut after the summit.