At the 15th Indonesia-Malaysia-Thailand (IMT-GT) Summit held May 11 in Labuan Bajo, Thailand advocated strengthening economic cooperation, Finance Minister Arkhom Termpittayapaisit said. BMI-HT covers 85 million people in the less developed regions of the three countries - 14 provinces in southern Thailand, 8 states in Peninsular Malaysia and 10 provinces in Sumatra.
Trade in the region reached $618 billion (20.3 trillion baht) in 2021, up from $350.9 billion the previous year, despite the COVID-19 pandemic, according to the summit. Arkhom, who attended the summit as a representative of Thailand, said BMI-HT also boosted the region's GDP from $12.7 billion in 1984 to $405.7 billion in 2021.
Meanwhile, the cost of transport infrastructure projects under the BMI-GT Physical Connection (PTA) has risen from $5.2 billion in 2009 to $57 billion (1.81 trillion baht) in 2022.
Arkhom stated at the summit that BMI-HT should continue to focus on the following four aspects of development:
- Construction of transport infrastructure within the framework of the TCP to create an unhindered connection between the three countries. Thailand is implementing four projects under the TPP - the Hat Yai-Padang Besar Railway, the Sadao-Bukit Kaiu Hitam Road, the Second Kolok River Bridge and the Satun-Perlis Road Corridor.
- Development of agriculture in three countries, production of rubber and oil palms. Thailand wants the three countries to sign MoUs to increase the value of these products as well as improve supply chains.
- The Framework Agreement on Cooperation in Customs, Immigration and Quarantine Procedures came into force as soon as possible to ensure the free movement of people and goods and maximize the economic potential in the region.
- The need to promote environmental cooperation based on the Eco-Nature model through government sponsorship, such as issuing sustainable bonds. Model projects include the Green Cities Initiative and sustainable urban development projects.
The leaders of the three countries also launched the "Visit BMI-GT 2023-2025" tourist attraction campaign under the concept of "Follow your dream", praising tourism. The aim of the campaign is to promote collaboration between tourism authorities and businesses to build confidence in travel in the BMI-HT region in the wake of the COVID-19 pandemic.
