The Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT) started life as an early attempt at economic liberalization & integration in ASEAN. It was formally endorsed by Indonesia’s President Suharto, Malaysia’s Prime Minister Tun Dr. Mahathir Mohammad and Thailand’s Prime Minister Chuan Leekpai in 1993.[1]
The IMT-GT is a strategic framework of international economic cooperation by the approval of leaders from the 3 countries to develop the area in the southern part of Thailand, some areas of Malaysia (Kedah, Perlis, Perak, Penang, Selangor, Kelantan, Melaka, Negeri Sembilan) and some areas of Indonesia (Aceh, North Sumatera, West Sumatera, Riau, Jambi, Bengkulu, Riau Island, Bangka Belitung, Lampung) to become ‘the sub-region of continuous development, progress, wealth, peace and quality of life’ according to the five-year IMT-GT Roadmap ( 2007–2011).[2]
The Asian Development Bank subsequently undertook a detailed feasibility study & formulated the framework for cooperation. The study concluded that the IMT-GT had great potential to stimulate cross-border economic integration in 6 priority areas, namely: Infrastructure Development; Agriculture & Fisheries; Trade; Tourism; Human Resource Development; and Professional Services.[3]
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The IMT-GT Joint Business Council (IMT-GT JBC) [4] was inaugurated in 1995 as the official vehicle to mobilize private sector participation & involvement in the IMT-GT. Between 1995–2005, the IMT-GT JBC facilitated the investment of an estimated US$3.80 billion worth of new projects in the IMT-GT region.
The overall goal of the IMT-GT is to accelerate private sector-led economic growth in the IMT-GT region by: