Delegates at the meeting. (Photo: Hai Tien)

Addressing the 16th Cambodia, Laos, Myanmar and Vietnam Economic Ministers' Meeting (CLMV-EMM 16) in Vientiane, the official acknowledged the efforts of the four countries in promoting economic, trade, and investment activities over the past year, amidst ongoing regional and global economic difficulties and challenges.

Tan expressed his hope that they will continue to coordinate and support each other in effectively implementing free trade agreements to which they are members; improve the investment and business environment; develop transportation, energy, and telecommunications infrastructure; promote digitalisation, human resource development; strengthen support measures for businesses; and further solidify each country's position in regional supply chains, thus maintaining momentum of trade and investment growth in the coming time.

Regarding the CLMV Action Plan for 2023-2024, Tan highly valued the proactive, flexible, and highly consensual coordination among the countries in implementing activities and projects.

He recommended Laos, in its role as ASEAN Chair in 2024, to strengthen its coordination with the ASEAN Secretariat to speed up the adoption of the CLMV Senior Economic Officials' Meeting (CLMV SEOM) Terms of Reference (TOR) in 2024, with a hope that the approval could be completed before the 11th CLMV Summit slated for late 2024.

He also asked Cambodia, Laos, and Myanmar to create favourable conditions for Vietnamese investors to implement investment and business projects in the countries.

In his speech, Lao Minister of Industry and Trade Malaithong Kommasith stressed that in the context of the increasingly complex situation in the region and the world, the CLMV countries must strengthen solidarity and close cooperation to address challenges.

The CLMV EMM 16 demonstrates a commitment to continued cooperation in realising the CLMV countries’ vision, aiming to transform the region into an upper middle-income area and an economic hub of ASEAN by 2045.

Amidst numerous challenges, the CLMV countries continue to maintain economic growth, with their trade value reaching 767.7 billion USD in 2023, accounting for 21.6% of ASEAN’s total trade value. Foreign direct investment in the countries increased by 5.4% to 26.4 billion USD in 2023 from 25.1 billion USD in 2022.

Delegates discussed crucial issues, considered and approved the CLMV Senior Economic Officials' Meeting report. They also exchanged views and provided guidance on implementing action plans for national development.