On December 25, leaders from six Lancang-Mekong Cooperation (LMC) states—China, Cambodia, Laos, Myanmar, Thailand, and Vietnam—jointly endorsed a comprehensive five-year action plan (2023-2027) aimed at deepening economic and social cooperation. This milestone agreement was reached during the fourth LMC Leaders' Meeting, held virtually under the theme \"Join Hands on the Building of a Community of Shared Future and Modernization.\" A key focus of the meeting was accelerating progress towards the Lancang-Mekong Economic Development Belt (LMEDB).
Since its inception in 2016, the LMC mechanism has been pivotal in enhancing livelihoods and fostering integrated development among the member states. The region has seen a significant rise in cross-border investments along the Lancang-Mekong River Basin. Additionally, the adoption of technology-driven water resource management systems is propelling basin-wide governance, ensuring sustainable use of the Mekong's water resources.
The latest leaders' meeting highlighted the importance of integrated development through robust cross-border growth initiatives. These initiatives include expansion in trade, increased production capacity, and advancement of agricultural projects. A standout move by Beijing was the introduction of a specially designated loan to support the LMC's collective development efforts. This initiative builds on China's history of flexible financing, which has already benefited over a dozen infrastructure and industry projects across the partner states.
The introduction of the common development loan is expected to address progress disparities in key areas such as connectivity, cross-border economy, water resources, agriculture, and poverty reduction. Successful outcomes from the \"Lancang-Mekong Space Cooperation Plan\" and \"Water Resources Cooperation\" have underscored the role of flexible financing in driving the LMC's advancements in artificial intelligence. Leaders are keen to invest in smart technologies and satellite development to meet their collective agricultural and resource management needs.
A major takeaway from the meeting was the unanimous commitment to enhancing \"people-centered development\" within the Lancang-Mekong Economic Development Belt. In recent years, trade and economic exchanges have been crucial in strengthening the LMEDB, delivering tangible benefits to local populations. Notably, there has been a surge in hard infrastructure projects, including rail and road connectivity, airports, power grids, and green energy initiatives. These projects are not only creating local employment opportunities but also integrating the Lancang-Mekong countries into a more interconnected regional economy.
Reference(s):
Lancang-Mekong Cooperation sets new benchmarks for modernization
cgtn.com
