The Thai government has hailed the success of the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) strategic framework, emphasizing its substantial contribution to economic prosperity in the region.
According to Deputy Government Spokesperson Rachada Dhnadirek, the framework – established in 1993 during the tenure of then Prime Minister Chuan Leekpai – has generated an impressive US$618 billion (approximately 21.7 trillion baht) since its inception. The primary objective of IMT-GT is to foster private-sector collaboration among Indonesia, Malaysia, and Thailand, with the aim of bolstering economic growth in the region.
Prime Minister Gen Minister Prayut Chan-o-cha also praised the initiative’s enduring success, while recognizing its role in enhancing economic performance, particularly in border areas.
Spanning 36 states and provinces in the participating countries, the framework has effectively promoted private sector participation in the advancement of six key industries. These encompass trading, infrastructure, tourism, human resources, agriculture, environment, and the production of halal food.
The framework’s impact is also evident in connectivity projects worth $57 billion, all of which have made significant strides. These projects, designed to enhance logistics and travel, encompass initiatives such as the Hat Yai-Padang Besar-Kuala Lumpur train and the second bridge over the Kolok River linking the border town of Sungai Kolok in Thailand’s Narathiwat province to Rantau Panjang district in Malaysia’s Kelantan.
Over the past four decades, the three countries have experienced impressive economic growth, with the gross domestic product (GDP) collectively increasing from US$12.7 billion in 1984 to $405 billion in 2021. Trade value has also surged from $97 billion in 1984 to a substantial $618 billion in 2021. (NNT)
