10th CLMV Summit Sets Future Direction of Cooperation
The 10th Cambodia, Lao PDR, Myanmar, Vietnam (CLMV) Summit, held on 9 December, emphasized enhancing effective connectivity for regional integration.
The 10th Cambodia, Lao PDR, Myanmar, Vietnam (CLMV) Summit, held on 9 December, emphasized enhancing effective connectivity for regional integration.
The Asian Development Bank (ADB) has approved over $29 million in financing to help the Government of Cambodia improve service delivery through key reforms in public financial management and decentralization, especially in rural areas, where most of the country’s poor live.
Cambodia, Lao People’s Democratic Republic (PDR), Myanmar, and Viet Nam (CLMV) economic ministers endorsed the CLMV Action Plan 2021-2022 focusing on (i) trade and investment cooperation, (ii) implementation of regional commitments, (iii) pandemic recovery plan, (iv) Framework for CLMV Development, and (v) human resource development.
Medtecs Group, a supplier of personal protective equipment in Cambodia, employs 5,500 people at its Kampong Cham factory. It has provided stable jobs, contributing to the local economy, which is critical as Cambodia braces for the impact of COVID-19. Photo by Medtecs Group via ADB
In immediate response to global efforts to combat the pandemic, the Health Sector Group of the Asian Development Bank (ADB)’s Sustainable Development and Climate Change (SDCC) Department mobilized funding for Technical Assistance (TA) on Regional Support to Address the Outbreak of Coronavirus Disease 2019 (COVID-19) in the amount of $48.3 million in early 2020.
A press release from the Royal Government of Cambodia’s Ministry of Economy and Finance announced plans to improve facilities at border gates with Thailand and Viet Nam.
Cambodia’s border crossing points with Thailand and Vietnam are crowded with traffic of cross-border transport and tourists. The country wants to develop the necessary infrastructure to manage this traffic flow to ease cross-border transport and boost trade activities.
The Economic and Financial Policy Committee, chaired by Deputy Prime Minister Aun Pornmoniroth, approved the proposal.
Motorcycle tires being manufactured inside the Camel Rubber Vietnam Co. Ltd factory at the Lao Bao Commercial Area in Huong Hoa District, Quang Tri, Viet Nam. The tires produced by the company are sold locally and are also exported to Lao PDR, Cambodia, Thailand, European and South American countries, as well as to other countries in the ASEAN region. Photo by the Asian Development Bank.
The Asian Development Bank (ADB) approved a $3,000,000 technical assistance to support the implementation of initiatives to accelerate trade and cross-border investment between small and medium-sized enterprises (SMEs) of Cambodia, Thailand, Viet Nam—member countries of the Greater Mekong Subregion (GMS) program—and India. This ADB-administered technical assistance is financed by the United Kingdom Fund for Asia Regional Trade and Connectivity under the Regional Cooperation and Integration Financing Partnership Facility.