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The Indonesia–Malaysia–Thailand Growth Triangle (IMT-GT) started as an early attempt at economic liberalisation & integration in ASEAN. It was formally endorsed by Indonesia’s President Suharto, Malaysia’s Prime Minister Tun Dr. Mahathir Mohammad and Thailand’s Prime Minister Chuan Leekpai in 1993. [1]

The IMT-GT is a strategic framework of international economic co-operation by the approval of leaders from the 3 countries to develop the area in the southern part of Thailand, some areas of Malaysia ( Kedah, Perlis, Perak, Penang, Selangor, Kelantan, Melaka, Negeri Sembilan) and some areas of Indonesia ( Aceh, North Sumatera, West Sumatera, Riau, Jambi, Bengkulu, Riau Islands, Bangka Belitung, Lampung) to become ‘the sub-region of continuous development, progress, wealth, peace and quality of life’ according to the five-year IMT-GT Roadmap ( 2007–2011). [2]

The Asian Development Bank subsequently undertook a detailed feasibility study & formulated the framework for co-operation. The study concluded that the IMT-GT had great potential to stimulate cross-border economic integration in 6 priority areas, namely: Infrastructure Development; Agriculture & Fisheries; Trade; Tourism; Human Resource Development; and Professional Services. [3]

The IMT-GT JBC

The IMT-GT Joint Business Council (IMT-GT JBC) [4] was inaugurated in 1995 as the official vehicle to mobilise private sector participation & involvement in the IMT-GT. Between 1995–2005, the IMT-GT JBC facilitated the investment of an estimated US$3.80 billion worth of new projects in the IMT-GT region.

IMT-GT Goals

The overall goal of the IMT-GT is to accelerate private sector-led economic growth in the IMT-GT region by:

  • a. Increasing trade & investment by exploiting the underlying economic complementariness and comparative advantages;
  • b. Increasing exports to the rest of the world by enhancing competitiveness for exports and investment;
  • c. Increasing the welfare of the people by creating employment, educational, social and cultural opportunities in the IMT-GT region;
  • d. Encouraging the private sector to play a leading role, while the public sector facilitates and supports as much as possible


See also

References

  1. ^ "About IMT-GT". Archived from the original on 17 December 2018. Retrieved 14 April 2009.
  2. ^ "Visit IMT-GT 2008". Archived from the original on 29 October 2008. Retrieved 21 November 2008.
  3. ^ "ADB's Partnership with IMT-GT". Archived from the original on 22 November 2008. Retrieved 26 November 2008.
  4. ^ IMT-GT JBC
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