Thailand’s banking sector is connecting businesses in the Greater Mekong Subregion (GMS), in order to collectively enhance competitiveness, to promote a sense of community, and to strengthen the subregion in preparation for the ASEAN Economic Community.
Speaking at the recent Greater Mekong Subregion Investment Forum, Mr. Prasarn Trairatvorakul, the Governor of the Bank of Thailand, stated that as a member of GMS, Thailand’s financial system could play a role in bridging between the global financial players and the smaller local intermediaries, which would serve the broad-based demands of the economy.
Mr. Prasarn also added that Thai banks had an important role in partnering Thai and GMS corporations in the areas of project evaluation, business set-up, and cross-border financial transactions. By filling this role, the Thai banks have become a natural partner to bring GMS business and investment to Thailand.
Playing the role of connector, Thailand’s banks are also acting as a link or point of reference for the entry of global banks into this subregion.
Prime Minister Yingluck Shinawatra ealier expressed Thailand’s strong support for the development of the Greater Mekong Subregion, saying that Thailand regards its development as a major drive for the realization of the ASEAN Community.
The Prime Minister stated that economic development and capacity-building in GMS would contribute to the move toward realizing the ASEAN Community by 2015.
The latest GMS summit approved the 2012-2022 GMS Strategic Framework as a foundation and orientation for subregional economic development cooperation.
All member countries agreed to organize the fifth GMS Summit in Thailand in 2014. Established in 1992, the GMS summit is held every three years.
Apart from Thailand, GMS also consists of Cambodia, southern China, Laos, Myanmar, and Vietnam. The five countries besides China are members of the Association of Southeast Asian Nations, which is striving to promote its community-building efforts for the integration of the region as a whole.