The Greater Tumen Region has exciting potential to expand its industrial capacity but is one of the few remaining multi-border regions without a regional trade agreement in place. Previous efforts have laid an infrastructural and policy foundation for the region to develop a thriving economy. Today, GTI seeks to create a more investment-friendly environment in order to make the region more competitive and attractive in the global business sphere. GTI works towards these aims through a variety of initiatives such as strengthening private-public dialogue and partnerships, identifying and promoting investment opportunities, and facilitating the policy environment for regional trade and investment. GTI has established the Trade Facilitation Committee to promote regional trade through the facilitation of technical procedures.
The member countries have recognised the significance of creating a conductive environment for trade and investment in the GTR. The GTI provides a platform for the facilitation of trade and the promotion of investment across borders so as to increase the economic growth in the region, aiming at the following objectives:
• Improve the policy environment for cross-border trade and investment;
• Promote the harmonisation and simplification of trade and investment procedures;
• Remove bottlenecks to enhanced trade and industrial development;
• Establish strong partnerships between governments and the private sector to promote Foreign Direct Investment; and
• Strengthen institutional arrangements providing the level of financing and support needed to promote development and encourage business activities in the GTR.