Cambodia, Laos and Vietnam (CLV) have pledged to turn the CLV Development Triangle into a politically stable and economically dynamic region.
In joint statement issued at the end of the CLV summit in Cambodia’s capital Phnom Penh on Tuesday, the three neighbouring nations approved a revised planning framework for the CLV Development Triangle for 2020, the Vietnam News Agency reports.
The triangle now consists of 13 border provinces of the three countries, up from the original 10.
The countries signed a memorandum of understanding on preferential policies for developing the triangle as their government leaders wrapped up the one-day summit.
The triangle has yet to spur socio-economic development as expected while infrastructure development is lagging and human resources to execute projects are inadequate, Vietnamese prime minister Nguyen Tan Dung said.
He called on leaders of the relevant governments to give higher priority to regional development.
The initiative on cooperation between the three nations was raised at a summit in Vientiane, Laos in October 1999 to strengthen solidarity and socio-economic cooperation and contribute to maintaining stability and security along their borders.
On the same day the three countries together with Myanmar met in the Cambodian capital to promote further trade and investment cooperation.
At the fifth Cambodia-Laos-Myanmar-Vietnam (CLMV 5) Summit, PM Dung said CLMV cooperation had entered its sixth year but it had not met expectations of the four countries due to lack of capital and capacity.
Leaders of the four nations agreed in a joint statement issued after the summit that they should continue fostering cooperation for peace, stability and prosperity in the Mekong sub-region, and helping reducing the development gap between CLMV and other Asean member countries.
The next CLMV Summit will take place in Laos in 2012.