The Asian Development Bank on Thursday called for private sector investments to complement the development of an economic corridor linking countries in the Greater Mekong Subregion (GMS).
GMS officials and private sector representatives are meeting in Kunming, China from May 19-20 to discuss priority issues and further advance development of the North-South Economic Corridor, said ADB, the organizer of the meeting.
The Manila-based bank said agriculture, tourism, power, logistics and manufacturing sectors in the corridor offer good investment opportunities.
The GMS is made up of Cambodia, China, Laos, Myanmar, Thailand, and Vietnam. They adopted a policy to develop economic corridors in 1998 in an attempt to promote trade, investment and infrastructure development.
ADB said the North-South Economic Corridor involves three different routes: Kunming-Chiang Rai-Bangkok (Western); Kunming-Hanoi-Hai Phong (Central); and Nanning-Hanoi (Eastern).
Pradeep Srivastava, Senior Regional Cooperation Specialist of the Southeast Asia Department in ADB, said the wide diversity in topography, natural resources, structure of production, wages, levels of income, and other factors along the corridor provide many complementarities that could be viably pursued.
ADB supports the development of the GMS economic corridors through regional technical assistance. Australia is a key partner in the development of the corridors.