The 8th Greater Mekong Subregion (GMS) Summit and the 10th Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) Summit, held from November 6-7, 2024, in Kunming, Yunnan, China PRC, concluded with key discussions on subregional development. This included the endorsement of the strategic document for GMS-2030, outlining the GMS Innovation Strategy for Development 2030<\/p>\n\n\n\n
GMS member countries initially approved the GMS-2030 economic cooperation framework during the 7th GMS Summit in Cambodia in September 2021. This framework focuses on fostering a sense of community, strengthening connectivity, and enhancing competitiveness, while emphasizing the importance of environmental sustainability.<\/p>\n\n\n\n
The primary goal of GMS-2030 is to seize global economic opportunities by promoting an open, fair, and non-discriminatory business environment supported by digital economies and innovation. The strategy highlights several key areas, including the use of digital technology to enhance and modernize critical economic sectors, developing economic zones through regional trade networks, and advancing potential border areas. Additionally, the framework supports the development of smart and competitive cities connected to rural areas, alongside fostering policy dialogue and regulatory frameworks to facilitate its implementation.<\/p>\n\n\n\n
In the most recent meeting, leaders emphasized integrating innovation strategies as a core element of subregional development to address current economic and environmental challenges. This approach aims to increase GMS countries’ ability to adapt to advancements in digital technology.<\/p>\n\n\n\n
By 2024, the GMS and ASEAN as a whole have made significant progress in digital development. Market data shows that ASEAN\u2019s digital market value is expected to reach USD 350 billion by 2025, with rapid growth in e-commerce and fintech sectors. Internet use has grown continuously, with over 80% of ASEAN\u2019s population now online. Notably, Thailand and Vietnam have the highest internet user growth rates in the region. The adoption of digital technology in business, agriculture, and transportation is anticipated to be a significant driver of the subregion\u2019s digital economy.<\/p>\n\n\n\n
To ensure the success of this cooperative framework, member countries should prioritize investments in comprehensive digital infrastructure across the region, especially in expanding high-speed internet access to remote areas to strengthen economic connectivity. Additionally, digital skills training for all age groups is crucial for enhancing economic competitiveness. This includes developing cross-border payment technologies, promoting cashless societies, and enabling QR Code transactions across borders.<\/p>\n\n\n\n
For international economic cooperation, there should be an emphasis on transportation infrastructure development, such as roads and railways, to facilitate trade links and the movement of goods within the subregion. Creating a supportive environment for regional digital market development will further enhance ASEAN\u2019s trade potential on the global stage.<\/p>\n\n\n\n
Member countries should also focus on supporting startups and innovation research, which are essential drivers of sustainable economic growth. Collaboration between the public and private sectors is a key approach for fostering an environment that encourages the rapid development of new technologies.<\/p>\n\n\n\n
Author:
Ms. Namphueng Tassanaipitukkul
Senior Researcher
International Institute for Trade and Development (Public Organization)
www.itd.or.th
Publication: Bangkok BIZ Newspaper
Section: First Section\/World Beat
Volume: 37 Issue: 12771
Date: Wednesday, Nov. 13, 2024
Page: 8 (bottom)
Column: \u201cAsean Insight\u201d<\/p>\n","protected":false},"author":501,"featured_media":105658,"template":"","categories":[35,29],"tags":[948,950],"class_list":["post-105657","itd-data-center","type-itd-data-center","status-publish","has-post-thumbnail","hentry","category-article-en","category-data-center-en","tag-developing-3","tag-innovations-en"],"pp_force_visibility":null,"pp_subpost_visibility":null,"pp_inherited_force_visibility":null,"pp_inherited_subpost_visibility":null,"yoast_head":"\n