Thai Prime Minister Prayut Chan-o-cha has called on Cambodia, Laos, Myanmar, Vietnam and Thailand (CLMVT) to embrace innovation or else risk losing their competitive edge.
In his speech delivered at the CLMVT forum in Bangkok on June
24th, the PM said despite the CLMVT region becoming a main player in the global
value chain, the region faces threats from rapid technological development and
geopolitics.
These new technologies will
render the existing production network, he said.
According
to Prayut, contract manufacturing and production will slowly decline as new
production networks in different regions, which embrace the modern value chain,
take their place.
In terms of geopolitical
threats, countries in the region must have effective risk management in place
to cope with the changes in the global market, he added.
The sectors most vulnerable
to disruption are agribusinesses, textiles, automobile, and electronics, all
traditional strengths of the CLMVT region, he said, adding the service industry
within the CLMVT region will also be affected by these trends.
He urged the governments to
work together to support the sub-regional economy, while highlighting
contributions to the shared prosperity within the CLMVT and initiatives of the
private sector.
The CLMVT forum 2019 themed
CLMVT as the New Value Chain Hub of Asia took place in Bangkok on June
23rd-24th, drawing the participation of industry and trade officials from
Cambodia, Lao, Myanmar, Vietnam and Thailand as well as ambassadors, guests
from related private sectors and academics.
In 2017, CLMVT's GDP grew by
5.1 percent. From 2013-2017, external trade grew at an annual average of 4.6
percent, while intra-CLMVT trade rose by 7.1 percent and investment went up by
15.7 percent./.
Source: CPV
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