国际英语新闻:GMS ministers endorse decade-long regional investment framework

VIENTIANE, Dec. 11 (Xinhua) -- Ministers from Cambodia, Laos, Myanmar, China, Thailand and Vietnam have endorsed the Regional Investment Framework (RIF) as a guideline for the next decade of regional Greater Mekong Subregion (GMS) investment at the 19th GMS Ministerial Conference here Wednesday.

The 19th GMS Ministerial Conference, which ran from Dec. 10 to 11, included ministers from the six GMS member countries, as well as vice-president of the Asian Development Bank (ADB) along with development partners from across the globe.

The RIF will translate the strategic decisions of the GMS Strategic Framework into a pipeline of projects covering the GMS Program from 2013 to 2022. Formed from extensive regional consultation, the RIF has a projected potential value of more than 50 billion U.S. dollars during its nine-year scope.

A joint ministerial statement declared that the GMS Program was more relevant within the region and the global economy than ever. "We also agree that the RIF is the strategic blueprint that will guide our way forward. Moreover we are better aware of and better prepared for the challenges that we will face along the way," the document concluded.

During his opening remarks, Shi Yaobin, vice minister of China' s Ministry of Finance, outlined his thoughts on key issues facing the GMS, including expediting economic integration through enhancing regional connectivity networks in the region, safeguarding the effective supply of development funds through building a regional financial network, and improving development efficiency and share development expertise through setting up a knowledge cooperation network.

"With the concerted efforts from the GMS members, ADB and GMS Development Partners, the GMS economic cooperation has been advancing along the line of reaching practical and win-win results, " said Shi.

The 19th GMS Ministerial Conference saw the signing of two Memorandum of Understanding (MOU) agreements. The MOU for the Establishment of the Regional Power Coordination Center (RPCC) will allow a regional organization to facilitate coordination and cooperation in the development and synchronization of GMS power systems.

All GMS members also agreed to sign the MOU for the Establishment of the Greater Mekong Railway Association (GMRA), which will allow GMS countries to usher in closer railway connectivity in the subregion and help promote the development of an efficient, safe and environmentally sustainable transportation network.

The GMRA will be housed by the ADB for the first two years of its operation and will work to connect GMS countries to a seamless rail network by agreeing on technical standards and harmonizing procedures for the cross border movement of people and goods. GMRA will also have the capacity to source expertise from outside the region in order to yield positive and productive results for GMS member states.

"We must make sure that future economic growth is translated into equitable human development for all," said Noulinh Sinbandhit, GMS Minister for Laos and Chairperson of 19th GMS Ministerial Conference.

"Building on a strong base for sustained economic growth should be paired with social progress to improve the lives of our citizens, ensure the steady improvement in their capacities and skills, address the unemployment challenges, widen the opportunities open to them with the emerging GMS markets," he said.