Mekong countries' leaders call for $66 billion investment

Chinese Foreign Minister Wang Yi speaks during a plenary session of the Greater Mekong Subregion Summit in Hanoi, Vietnam, Saturday, March 31, 2018. During the three-day summit, leaders from six countries along the Mekong river -China, Myanmar, Thailand, Laos, Cambodia and Vietnam - discuss social and economic cooperations. (AP Photo/Hau Dinh)
Leaders pose for photographs during the Greater Mekong Summit in Hanoi, Vietnam, Saturday, March 31, 2018. They are, from left, Prime Minister of Thailand Prayut Chan-o-cha, Prime Minister of Laos Thongloun Sisoulith, Prime Minister of Cambodia Hun Sen, Prime Minister of Vietnam Nguyen Xuan Phuc, Foreign Minister of China Wang Yi, Vice President of Myanmar Henry Van Thio and Asian Development Bank President Takehiko Nakao. (Vietnam News Agency via AP)
Chinese Foreign Minister Wang Yi, center, listens during a retreat of the Greater Mekong Summit in Hanoi, Vietnam, Saturday, March 31, 2018. (Vietnam News Agency via AP)
Vietnamese Prime Nguyen Xuan Phuc, right, and Thai Prime Minister Prayut Chan-o-cha pose for photographers ahead the Greater Mekong Summit in Hanoi, Vietnam, Saturday, March 31, 2018. (Vietnam News Agency via AP)
Leaders, from left, Prime Minister of Laos Thongloun Sisoulith, Prime Minister of Cambodia Hun Sen, Prime Minister of Vietnam Nguyen Xuan Phuc, Foreign Minister of China Wang Yi, Vice President of Myanmar Henry Van Thio and Asian Development Bank President Takehiko Nakao, applaud during the Greater Mekong Summit in Hanoi, Vietnam, Saturday, March 31, 2018. (Vietnam News Agency via AP)
Vietnamese Prime Minister Nguyen Xuan Phuc, right, and Chinese Foreign Minister Wang Yi pose for photographers ahead the Greater Mekong Summit in Hanoi, Vietnam, Saturday, March 31, 2018. (Vietnam News Agency via AP)
Leaders of six countries along the Mekong river - China, Myanmar, Thailand, Laos, Cambodia and Vietnam - attend a retreat during the Greater Mekong Summit in Hanoi, Vietnam, Saturday, March 31, 2018. (Vietnam News Agency via AP)
Vietnamese Prime Minister Nguyen Xuan Phuc, third from left, speaks during a retreat session of the Greater Mekong Subregion Summit in Hanoi, Vietnam, Saturday, March 31, 2018. During the three-day summit, leaders from six countries along the Mekong river -China, Myanmar, Thailand, Laos, Cambodia and Vietnam - discuss social and economic cooperations. (AP Photo)

HANOI, Vietnam — The leaders of six countries along the Mekong River on Saturday adopted an ambitious investment plan worth $66 billion over the next five years.

At least $7 billion will come from the Asian Development Bank and the rest from governments and the private sector.

The plan was adopted at a summit in Vietnam that included the prime ministers of Cambodia, Laos, Thailand and Vietnam, as well as a vice president of Myanmar and the Chinese foreign minister.

The Greater Mekong Sub-regional (GMS) economic cooperation program was initiated by the ADB in 1992 and has since mobilized $21 billion, with the bulk going to infrastructure projects.

"GMS is starting a new era of development with unprecedented opportunities and challenges which require us to have a creative approach with long term and comprehensive vision in order to tap into the internal power of each country while effectively promoting connectivity to create strength resonance across the GMS for rapid economic growth and harmonizing economic and social development with environmental protection," Vietnamese Prime Minister Nguyen Xuan Phuc said in his opening remarks.

The five countries along with China's Yunnan province and the Guangxi Zhuang Autonomous region with the population of 340 million and combined GDP of $1.3 trillion have recorded one of the world's fastest-growing economies.

Closing the one-day summit, Phuc said cooperation will remain the driving force the region's development.

"I believe that given the results we have realized as well as our solidarity and determination, GMS cooperation will continue to be part of the cooperation mechanism of the region and will make concrete contribution to the economic and social development of member countries, promote sustainable development and reinforce the peaceful and stable environment in the region," he said.

In the meantime, Chinese State Councilor and Foreign Minister Wang Yi said the world's second-biggest economy supports "the multilateral trading system and promotes an open, inclusive and balanced economic globalization that benefits all."

"China has long been an advocate of an open world economy. China is committed to win-win cooperation in opening up and firmly opposes trade protectionism," Wang said. "Protectionism harms others without benefiting oneself — it is a one-way street that leads to nowhere. The right approach to address trade disputes is to conduct consultation in line with international rules and as equals."

President Donald Trump's move last week to impose tariffs on as much as $60 billion on Chinese goods prompted Beijing to consider imposing tariffs on a number of American goods exported into the country.

People also read these

Myanmar faces anger from Muslim world over...

Sep 4, 2017

A Nobel laureate and Muslim nations in Asia criticized Myanmar's persecution of its Rohingya Muslim...

Volcano gushing ash over Bali closes airport for...

Nov 28, 2017

A volcano gushing towering columns of ash closed the airport on the Indonesian tourist island of...

Bali flights resume, but volcanic ash still...

Nov 30, 2017

Flights trickled out of Bali a day after its airport reopened but the erupting volcano there shut...

Indonesia politician's graft trial delayed by...

Dec 13, 2017

A top Indonesian politician accused of involvement in one of the country's biggest corruption...

Pulp giant stirs new conflicts with Indonesian...

Dec 21, 2017

Less than five years after it pledged to end dozens of disputes over land and gain local consent...