Thailand plans to take the lead in creating a regional fund with its neighbours, including Cambodia, Laos, Myanmar and Vietnam, to back infrastructure and other development projects.
At the 7th Ayeyawady – Chao Phraya – Mekong Economic Cooperation Strategy (ACMECS) Summit in Hanoi (Photo: VNA)
Bangkok (VNA) – Thailand plans to takethe lead in creating a regional fund with its neighbours, including Cambodia,Laos, Myanmar and Vietnam, to back infrastructure and other developmentprojects.
Arthayudh Srisamoot, deputy permanent secretaryof Thailand's Ministry of Foreign Affairs, said Thai Prime Minister PrayuthChan-ocha is expected to propose the idea to the leaders of the five countriesat the 8th summit of the Ayeyawady-Chao Phraya-Mekong Economic CooperationStrategy (ACMECS) in Thailand on June 16.
The fund will be operational by 2019, he said,adding that Thailand is set to contribute a substantive initial figure.
It will raise money through the stock and bond marketsby issuing debt for projects such as in power generation as initiated byACMECS.
Contributions from financial institutions andcountries outside the ACMECS framework are also welcome.
Although details are yet to be discussed, membercountries will control the fund by establishing a jointmanagement committee.
The proposed fund will be used for projectspursued under ACMECS' 2019-2023 master plan that will be adopted during theJune 16 summit.
The plan focuses on enhancing connectivity amongthe five countries by upgrading the East-West and North-South economiccorridors.
The five nations will work together to developinformation technology platforms which could also be financed by the fund.
Currently, ASEAN countries receive externalfunding mainly through bilateral agreements with parties outside the region orfrom international financial institutions such as the Asian DevelopmentBank.-VNA
Cambodia and Thailand are planning more cooperation in the tourism sector, Cambodian Minister of Tourism Thong Khon said after his meeting with Panyarak Poolthup, newly appointed Thai Ambassador to Cambodia, early this week.
The Thai Ministry of Foreign Affairs has announced that the third Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) will open officially on June 15.
Thailand’s economy is expected to expand 4 percent in the second quarter of 2018 driven by personal consumption, public spending and increasing exports, said the Fiscal Policy Office (FPO) under the Ministry of Finance.
The Thai Rice Exporters Association (TREA) has revised its 2018 rice export target to 10 million tonnes from the previous forecast of 9.5 million tonnes, after exports of the grain for the first four months of this year performed better than expected.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
At the 7th Ayeyawady – Chao Phraya – Mekong Economic Cooperation Strategy (ACMECS) Summit in Hanoi (Photo: VNA)
