PUBLISHED : 15 Aug 2023 at 04:19
The Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) strategic framework has generated over US$618 billion (about 21.7 trillion baht) since its founding in 1993, said deputy government spokeswoman Rachada Dhnadirek on Monday.
Established during Chuan Leekpai’s tenure as prime minister, the framework was set up to facilitate private sector cooperation between the three countries, in a bid to boost the region’s economic growth.
Ms Rachada said Prime Minister Prayut Chan-o-cha praised the longevity and success of the initiative, which has helped the region improve its economic performance, especially in border areas tremendously.
Under the IMT-GT framework, the private sector is encouraged to help develop six core industries which are seen as the key drivers of the region’s economic growth, namely trading, infrastructure, tourism, human resources, agriculture and the environment, as well as halal food production.
As for projects to enhance connectivity in the region worth US$57 billion, all 36 have made considerable progress, said Ms Rachada. Aimed at improving logistics and travel, the projects include the Hat Yai-Padang Besar-Kuala Lumpur train and the second bridge over the Kolok River connecting the border town of Sungai Kolok in Narathiwat of Thailand to Rantau Panjang district of Kelantan in Malaysia.
At present, the scope of the IMT-GT cooperation has also expanded to 36 states and provinces in all three countries, she said.
During the past four decades, the gross domestic product of the three countries has also increased from US$12.7 billion in 1984 to US$405 billion in 2021, Ms Rachada said.
Trade value also increased from US$97 billion in 1984 to US$618 billion in 2021.