ADB study starts off new growth triangle<\/p>\n
MANILA (AFP): The creation of a growth triangle comprising the
\ncontiguous areas of Indonesia, Malaysia and Thailand can now be
\nrealized with the completion of an Asian Development Bank (ADB)-
\nled study, ADB officials said here yesterday.<\/p>\n
\"The study is completed, the next stage is implementation,\"
\nADB Economist Myo Thant told reporters after a three-day
\nconference at the Manila-based bank, to finalize the report,
\nwhich will be submitted to representatives of all three countries
\nat a special meeting in Penang in September.<\/p>\n
The report, which is more than 700 pages long, is aimed at
\nintegrating the economies in North Sumatra and Aceh, southern
\nThailand and northern Malaysia in a manner similar to the China-
\nTaiwan-Hong Kong growth triangle.<\/p>\n
Noritada Morita, ADB programs director, said the program was
\nintended to bring the gross domestic product (GDP) growth to an
\nannual 7.2 percent in the Indonesia-Malaysia-Thailand growth
\ntriangle (IMT-GT) over 10 years.<\/p>\n
He could not estimate how high the GDP growth in the area was
\nat present but said areas included in the triangle generally
\nsuffered lower economic growth than other parts of their
\nrespective countries.<\/p>\n
John Newton, a team leader of the study, said trade and
\ninvestment liberalization was \"the center of our policy,\" but
\nadmitted that not all of the recommendations were likely to be
\nadopted by the three countries.<\/p>\n
William Thompson, an ADB senior counselor said the \"focus has
\nbeen on policy constraints that would have to be removed to allow
\ntrade and investment to flow more freely in the sub-region.\" He
\ndid not specify the constraints.<\/p>\n
The report includes both policy recommendations and various
\nproject proposals in infrastructure, energy, industry,
\nagriculture and fisheries, that can be implemented both by the
\ngovernments and private sectors of the three countries.<\/p>\n
The ADB officials would not say how much financing would be
\nneeded in the short-term to implement the projects, but much of
\nit would have to come from the private sector, particularly
\ncommercial and investment banks.<\/p>",
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