Indonesia–Malaysia–Thailand Growth Triangle
The Indonesia–Malaysia–Thailand Growth Triangle started as an early attempt at economic liberalisation & integration in ASEAN. It was formally endorsed by Indonesia's President Suharto, Malaysia's Prime Minister Mahathir Mohamad and Thailand's Prime Minister Chuan Leekpai in 1993.
The Indonesia-Malaysia-Thailand Growth Triangle subregional program aims to stimulate economic development in 32 of these three countries’ less-developed states and provinces, which are home to over 54 million people.
The IMT-GT consists of:
- 14 provinces in southern Thailand: Krabi, Nakhon Si Thammarat, Narathiwat, Pattani, Phattalung, Satun, Songkhla, Trang, Yala, Chumphon, Ranong, Surat Thani, Phang Nga, and Phuket;
- 8 northern states of Peninsular Malaysia: Kedah, Kelantan, Melaka, Negeri Sembilan, Penang, Perak, Perlis, and Selangor; and
- 10 provinces of Sumatra, Indonesia: Aceh, Bangka-Belitung, Bengkulu, Jambi, Lampung, North Sumatra, Riau, Riau Islands, South Sumatra, and West Sumatra.
The IMT-GT JBC
The IMT-GT Joint Business Council was inaugurated in 1995 as the official vehicle to mobilise private sector participation & involvement in the IMT-GT. Between 1995 and 2005, the IMT-GT JBC facilitated the investment of an estimated US$3.80 billion worth of new projects in the IMT-GT region.IMT-GT Goals
The overall goal of the IMT-GT is to accelerate private sector-led economic growth in the IMT-GT region by:- a. Increasing trade & investment by exploiting the underlying economic complementariness and comparative advantages;
- b. Increasing exports to the rest of the world by enhancing competitiveness for exports and investment;
- c. Increasing the welfare of the people by creating employment, educational, social and cultural opportunities in the IMT-GT region;
- d. Encouraging the private sector to play a leading role, while the public sector facilitates and supports as much as possible