Indonesia–Malaysia–Thailand Growth Triangle
The Indonesia–Malaysia–Thailand Growth Triangle (IMT-GT) started as an early attempt at economic liberalisation & integration in ASEAN. It was formally endorsed by Indonesia's President Suharto, Malaysia's Prime Minister Mahathir Mohamad and Thailand's Prime Minister Chuan Leekpai in 1993.[1]
The Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) subregional program aims to stimulate economic development in 32 of these three countries’ less-developed states and provinces, which are home to over 54 million people.[2]
The IMT-GT consists of:
- 14 provinces in southern Thailand: Krabi, Nakhon Si Thammarat, Narathiwat, Pattani, Phattalung, Satun, Songkhla, Trang, Yala, Chumphon, Ranong, Surat Thani, Phang Nga, and Phuket;
- 8 northern states of Peninsular Malaysia: Kedah, Kelantan, Melaka, Negeri Sembilan, Penang, Perak, Perlis, and Selangor; and
- 10 provinces of Sumatra, Indonesia: Aceh, Bangka-Belitung, Bengkulu, Jambi, Lampung, North Sumatra, Riau, Riau Islands, South Sumatra, and West Sumatra.
The Asian Development Bank subsequently undertook a detailed feasibility study & formulated the framework for co-operation. The study concluded that the IMT-GT had great potential to stimulate cross-border economic integration in 6 priority areas, namely: Infrastructure Development; Agriculture & Fisheries; Trade; Tourism; Human Resource Development; and Professional Services.[3]
The IMT-GT JBC
[edit | edit source]The IMT-GT Joint Business Council (IMT-GT JBC)[4] was inaugurated in 1995 as the official vehicle to mobilise private sector participation & involvement in the IMT-GT. Between 1995 and 2005, the IMT-GT JBC facilitated the investment of an estimated US$3.80 billion worth of new projects in the IMT-GT region.
IMT-GT Goals
[edit | edit source]The overall goal of the IMT-GT is to accelerate private sector-led economic growth in the IMT-GT region by:
- a. Increasing trade & investment by exploiting the underlying economic complementariness and comparative advantages;
- b. Increasing exports to the rest of the world by enhancing competitiveness for exports and investment;
- c. Increasing the welfare of the people by creating employment, educational, social and cultural opportunities in the IMT-GT region;
- d. Encouraging the private sector to play a leading role, while the public sector facilitates and supports as much as possible
See also
[edit | edit source]- Indonesia–Malaysia–Singapore Growth Triangle
- Timor Leste–Indonesia–Australia Growth Triangle
- Brunei–Indonesia–Malaysia–Philippines East ASEAN Growth Area (BIMP-EAGA)
- Cambodia–Laos–Vietnam Development Triangle Area (CLV-DTA)
References
[edit | edit source]- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
- 1993 establishments in Indonesia
- 1993 establishments in Malaysia
- 1993 establishments in Thailand
- Maritime Southeast Asia
- Economy of Indonesia
- Economy of Thailand
- International organizations based in Asia
- ASEAN
- Malaysia–Thailand relations
- Indonesia–Malaysia relations
- Indonesia–Thailand relations
- Foreign trade of Indonesia
- Foreign trade of Malaysia
- Asian Development Bank
- Mahathir Mohamad