Latest news with #IMT-GT
Barnama
5 days ago
- Business
- Barnama
IMT-GT Summit: Anwar Thanks Thai PM For Support On Border Projects
Prime Minister Datuk Seri Anwar Ibrahim (centre) poses for a group photo with ASEAN Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) leaders during the 16th IMT-GT Summit, held in conjunction with the 46th ASEAN Summit at the Kuala Lumpur Convention Centre. Also present are Thai Prime Minister Paetongtarn Shinawatra (third, right), Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto (left), Malaysia's Minister of Economy Datuk Seri Rafizi Ramli (second from right), and Thailand's Deputy Minister of Finance Julapun Amornvivat (right). KUALA LUMPUR, May 27 (Bernama) -- Prime Minister Datuk Seri Anwar Ibrahim has thanked the Thai government for facilitating the clearance of several border projects, including the Rantau Panjang-Sungai Golok bridge, which are progressing well. Anwar made the remarks to Thai Prime Minister Paetongtarn Shinawatra during the opening of the 16th Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) Summit at the Kuala Lumpur Convention Centre here today. 'Thank you again, specifically to Thailand, because Prime Minister Paetongtarn was fast in ensuring the clearance of the few projects in the border, including the Rantau Panjang and Sungai Golok bridge, and this is going fine,' he said. During his official visit to Thailand in April, Anwar witnessed the signing of a Memorandum of Understanding on the Construction Agreement for the Rantau Panjang–Sungai Golok Bridge Project. The project is expected to significantly enhance connectivity, trade and relations between the two nations. On the 16th IMT-GT Summit, Anwar said his focus was on driving economic transformation, particularly through enhancing cross-border connectivity, tourism, the halal sector, agro-industries and strengthening micro, small and medium enterprises (SMEs) across the sub-region. 'We are focusing on climate change, which has impacted life and livelihoods across the sub-region. On infrastructure, we stand behind nearly USD39 billion worth of physical connectivity projects across our three countries. 'Thank you very much to the ministers themselves who have done their work to prepare for this session,' he said. The summit was also attended by Indonesia's Coordinating Minister for Economic Affairs, Airlangga Hartarto, ASEAN secretary-general Dr Kao Kim Hourn, Asian Development Bank president Masato Kanda and Economy Minister Datuk Seri Rafizi Ramli.
Malaysia Sun
7 days ago
- Business
- Malaysia Sun
ADB President Reaffirms Strong Support for Regional Cooperation and Integration at BIMP-EAGA and IMT-GT Summits
KUALA LUMPUR, MALAYSIA (28 May 2025) — Asian Development Bank (ADB) President Masato Kanda has reaffirmed ADB's strong commitment to advancing regional cooperation and integration at the 16th Summits of the Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area (BIMP-EAGA) and the Indonesia–Malaysia–Thailand Growth Triangle (IMT-GT). 'The region is navigating the impacts of trade and geopolitical tensions, rapid technological change, and growing threats to food and energy security,' said Mr. Kanda. 'Yet these challenges also present exceptional opportunities to strengthen resilience and drive sustainable economic growth. Our longstanding partnerships will help us turn obstacles into new pathways for progress.' ADB plans to provide an estimated $24 billion in support for Southeast Asia over the next 3 years, with a strong focus on deepening regional cooperation and integration. This includes expanded investments to strengthen connectivity, private sector-led growth, energy integration, and food security. To address food systems vulnerabilities, ADB is increasing financing to $40 billion through 2030. In BIMP-EAGA, known as the "ASEAN's food basket,' ADB has invested $500 million for agricultural development, $93 million for sustainable aquaculture, and $500 million for plastic marine debris reduction. Mr. Kanda announced a forthcoming $400 million loan at the BIMP-EAGA Summit to restore marine ecosystems and strengthen the blue economy in the Philippines. ADB's commitment to energy integration includes readiness to provide $10 billion in financing to accelerate action on the ASEAN Power Grid through cross-border interconnections, national grid expansions, and renewable energy. Aligned with BIMP-EAGA and IMT-GT priorities to enhance connectivity through the private sector, ADB is scaling up private sector financing with a projected four-fold increase to $13 billion annually by 2030. It aims to double its trade and supply chain financing for Southeast Asia to $2.5 billion annually by 2030. In a bilateral meeting with Malaysian Prime Minister Anwar Ibrahim, Mr. Kanda commended Malaysia's leadership in ASEAN, including its role in advancing the ASEAN Power Grid. He expressed interest in deepening cooperation, particularly in private sector mobilization and regional cooperation and integration. He welcomed the renewed Agreement of Cooperation between Malaysia and ADB, and reaffirmed ADB's knowledge support for green city development across 14 cities. In his meeting with Thai Prime Minister Paetongtarn Shinawatra, Mr. Kanda noted Thailand's strong focus on private sector development. He welcomed renewed momentum in sovereign lending to the country, which will support transport, health care, and flood management. ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—50 from the region.
The Sun
27-05-2025
- Business
- The Sun
16th IMT-GT Summit: Leaders reaffirm push for integrated trade, investment
KUALA LUMPUR: Malaysia, Indonesia and Thailand today reaffirmed their collective commitment to advancing integrated subregional trade and production networks by streamlining trade facilitation and boosting investment across the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT). One of the commitment was the signing of the Framework of Cooperation (FoC) in Customs, Immigration and Quarantine Procedures (CIQ), marking a key step towards facilitating cross-border movement of goods and people in the subregion. 'We reaffirm the commitment to advancing integrated subregional trade and production networks by streamlining trade facilitation and promoting investment. 'We welcome the signing of the FoC in CIQ and look forward to its implementation to facilitate cross-border movement of goods and people in the subregion,' according to a joint statement released after the 16th IMT-GT Summit, here today. Chaired by Prime Minister Datuk Seri Anwar Ibrahim, the summit emphasised the importance of strengthening collaboration between the IMT-GT Working Group on Trade and Investment Facilitation (WGTI), private sector players and local governments. Earlier, the framework was signed by Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto, Malaysia's Minister of Economy Datuk Seri Rafizi Ramli and Thailand's Deputy Minister of Finance Julapun Amornvivat, at the same venue, today. According to the statement, the significant growth in subregional trade, which increased from US$367.9 billion in 2019 to US$659.7 billion in 2023, demonstrated the robust and dynamic economic activity within the subregion. 'Similarly, total investment saw a substantial rise, growing from US$25.1 billion to US$48.1 billion over the same period, surpassing pre-pandemic figures. 'This progress reflects the resilience of the subregional economy, validating our strong commitment in advancing economic recovery through cooperation,' it said. Also present at the summit were Thai Prime Minister Paetongtarn Shinawatra, ASEAN secretary-general Dr Kao Kim Hourn, Asian Development Bank president Masato Kanda, as well as Hararto and Rafizi, who took part in the signing ceremony earlier.
The Sun
27-05-2025
- Business
- The Sun
IMT-GT leaders commit to boost trade and investment integration
KUALA LUMPUR: Malaysia, Indonesia and Thailand today reaffirmed their collective commitment to advancing integrated subregional trade and production networks by streamlining trade facilitation and boosting investment across the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT). One of the commitment was the signing of the Framework of Cooperation (FoC) in Customs, Immigration and Quarantine Procedures (CIQ), marking a key step towards facilitating cross-border movement of goods and people in the subregion. 'We reaffirm the commitment to advancing integrated subregional trade and production networks by streamlining trade facilitation and promoting investment. 'We welcome the signing of the FoC in CIQ and look forward to its implementation to facilitate cross-border movement of goods and people in the subregion,' according to a joint statement released after the 16th IMT-GT Summit, here today. Chaired by Prime Minister Datuk Seri Anwar Ibrahim, the summit emphasised the importance of strengthening collaboration between the IMT-GT Working Group on Trade and Investment Facilitation (WGTI), private sector players and local governments. Earlier, the framework was signed by Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto, Malaysia's Minister of Economy Datuk Seri Rafizi Ramli and Thailand's Deputy Minister of Finance Julapun Amornvivat, at the same venue, today. According to the statement, the significant growth in subregional trade, which increased from US$367.9 billion in 2019 to US$659.7 billion in 2023, demonstrated the robust and dynamic economic activity within the subregion. 'Similarly, total investment saw a substantial rise, growing from US$25.1 billion to US$48.1 billion over the same period, surpassing pre-pandemic figures. 'This progress reflects the resilience of the subregional economy, validating our strong commitment in advancing economic recovery through cooperation,' it said. Also present at the summit were Thai Prime Minister Paetongtarn Shinawatra, ASEAN secretary-general Dr Kao Kim Hourn, Asian Development Bank president Masato Kanda, as well as Hararto and Rafizi, who took part in the signing ceremony earlier.
Malaysian Reserve
27-05-2025
- Business
- Malaysian Reserve
Malaysia, Indonesia, Thailand commit to US$39b in infrastructure projects
By HIDAYATH HISHAM MALAYSIA, Indonesia and Thailand have announced US$39 billion (RM165.3 billion) worth of infrastructure and physical connectivity projects under the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT), aimed at driving regional development. Prime Minister Datuk Seri Anwar Ibrahim said the large-scale investments reflect a shared commitment by the three countries to deliver inclusive and sustainable economic transformation. 'Infrastructure, with US$39 billion worth of physical and connectivity projects across our three countries,' he said during the 16th IMT-GT Summit at the Kuala Lumpur Convention Centre (KLCC) on May 27. The initiative focuses on cross-border development in sectors such as tourism, halal products, agro-industry and micro, small and medium enterprises (MSMEs). Anwar added that climate change remains a core concern, as it continues to affect the livelihoods and well-being of communities across the subregion. He also thanked Thailand for taking swift steps to approve key border projects, including the Rantau Panjang crossing and the Golok River bridge, which are now progressing smoothly. Earlier in the session, the three countries signed the IMT-GT Framework of Cooperation on Customs, Immigration and Quarantine (FOC CIQ). The agreement was signed by Economy Minister Datuk Seri Rafizi Ramli, Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto, and Thailand's Deputy Finance Minister Julapan Amornvivat.
