The foreign ministers of a five- country economic cooperation strategy program pledged at their just-ended meeting in Myanmar's Mandalay to work for greater competitiveness, narrower economic disparity and promoting socio- economic development in the subregion.

Calling for realization of their 2003 Bagan Declaration efficiently and effectively, the foreign ministers of the Ayeyawaddy-Chao Phraya-Mekong Economic Cooperation Strategy ( ACMECS) expressed desire to strengthen the aims and objectives of the declaration and work for attaining prosperity in the subregion through enhanced solidarity, mutual respect, goods neighborliness and active cooperation among the member countries.

The two-day ACMECS foreign ministers meeting was held in Myanmar's second largest city in the last two days. It was preceded by senior officials meeting and attended by representatives of Cambodia, Laos, Myanmar, Thailand and Vietnam.

During the meeting, the foreign ministers also exchanged views on cooperation in areas such as trade and investment facilitation, agriculture, industry, energy, transport linkages, tourism, public health and human resources development.

ACMECS program was agreed upon at the first ACMECS summit of Cambodia, Laos, Myanmar and Thailand held in Myanmar's ancient city of Bagan in November 2003 with the participation by heads of governments of the four countries. Vietnam joined the ACMECS in 2004.

The ACMECS program provides for cooperation in five main strategic areas of agriculture, industry, trade and investment, transport, tourist and human resources development.

As part of the ACMECS, Thailand proposed three industrial zones to be set up on Myanmar's Myawaddy and Hpa-an in southeastern Kayin state and Mawlamyine in southern Mon state, and the three industrial zone projects, aimed at creating job opportunities in the region, are expected to start this year.

The Myawaddy zone covers an area of 173 hectares, while the Mawlamyine zone 124 hectares and Pha-an zone 178 hectares.

The feasibility study by Thailand on the establishment of the three industrial zones has reportedly been finalized and its finding has been presented to Myanmar for deliberation.

The study on the establishments was jointly conducted by the Industrial Estate Authority of Thailand and the Myanmar Ministry of Industry-1.

Under the program, Myanmar is reportedly deliberating to lease land to foreigners for the development of three proposed industrial zones to be jointly implemented by Myanmar and Thailand to mainly attract foreign investment into the projects.

Sources with the Ministry of Industry-1 said that investing in the industrial zone projects through lease of land is to be granted to Myanmar citizens residing abroad and foreigners residing inside and outside Myanmar.

The period of lease is designated as being a minimum of 75 years, according to the sources which added that levying of profit tax will be relaxed for re-investment with the profit earned annually.

Meanwhile, an exceptional industrial zone -- the Thilawa Special Industrial Zone in Yangon's Thanlyin township, which is the prospective first full foreign investment zone of its kind, is also being planned and a law is also expected to be introduced during this year to govern the running of the zone.

There have been 19 other local industrial zones across Myanmar and small private industrial enterprises are dominating these zones, leading in the sustainable development of the country's industrial sector.

Source: Xinhua