Investment
"Private sector participation in the Greater Tumen Initiative is one of the most critical success factors in future. Constructive engagement and partnering with private business and investors will enormously contribute to achieving the programme’s goal.” (Strategic Action Plan for the period 2006-2015 adopted by the five GTI member countries in September 2005.)
The five GTI member countries have agreed to create a growth pole for development in the area around the Tumen River and become an attractive region for investment throughout the Greater Tumen Region (GTR). Moreover, it is increasingly accepted that, while state interventions are necessary conditions for realising this vision, they are not sufficient and the private sector must be the driving force behind the move to work collaboratively for a common growth pole and ultimately for the establishment of a Free Trade Area and a North-East Asia Association.
Bearing this in mind, at the 8th meeting of the GTI Consultative Commission in September 2005, the five GTI member countries agreed on the investment sector strategic objectives, namely, to improve the enabling environment for investment, in particular foreign direct investment, to make the GTR more attractive to investors and more competitive in attracting investment. They further agreed to remove the main infrastructure bottlenecks that hamper trade and industrial development., to build partnerships between governments and the private sector in order to promote FDI and put in place institutional arrangements that support a steady flow of FDI.
Northeast Asia Economic Forum
To further stress the importance of investment to promote the wellbeing of the peoples of the Tumen River Region, in 2005, in Changchun, China, the five GTI member countries agreed that an annual economic forum would be held for the Greater Tumen Region “back-to-back with the Meeting of the Consultative Commission.”
The 1st Greater Tumen Initiative (GTI) Investment Forum was held on 16 November 2007 in Vladivostok, Russia, under the motto “Greater Tumen Initiative – Gateway to Northeast Asia” with the goal of promoting interregional trade and attracting additional foreign investment into North-East Asia. About 150 regional and international representatives from the private sector, research institutes and academia as well as government officials attended the Forum, confirming the high potential of Northeast Asia for new investment opportunities.
The 2nd GTI Investment Forum was held on 25 March 2009 in Ulaanbaatar, Mongolia following the meeting of the 10th GTI Consultative Commission. The Forum brought together more than 200 delegates from the GTI member country governments, senior business leaders from all over the world, and high-level representatives of various non-governmental organizations and the UN. Wrapped in four thematic sessions, participants discussed different aspects of the challenges and opportunities in economic cooperation in the Northeast Asian region.
In 2010, this series of events was renamed the "Northeast Asia Economic Forum." The 2010 NEA Economic Forum will be held on 2 September 2010 in Changchun, China in conjunction with the 11th GTI Consultative Commission meeting.
Trade Facilitation Committee
For the purposes of technical procedural facilitation of regional trade among the GTI countries, the participants of 10th CC meeting expressed their interest in the establishment of the Trade Facilitation Committee. Tumen Secretariat prepared Terms of Reference on the Establishment of the Trade Facilitation Committee and asked for comments from GTI member countries. The final version will be prepared in October 2009.
Local Development Forum
At the 10th CC meeting, the participant governments and UNDP agreed to hold Local Development Forums in conjunction with CC meetings. Tumen Secretariat is drafting the Concept Note and some related documents for the preparation of the Local Development Forum, which will provide the opportunity for provincial level authorities and private sectors to work together improve the local economy and to strive to develop trust based on mutual understanding of the NEA region. The first GTI Local Development forum will be held on 2 September 2010 in Changchun, China in conjunction with the 11th GTI Consultative Commission meeting.
Expert Group on GTI Investment System
The idea to establish the Expert Group on GTI Investment System among GTI member countries was promoted by Republic of Korea in the 2nd GTI Investment Forum with the purpose of studying investment legislations and regulations of GTI countries to promote the regional economic development effectively. Tumen Secretariat is consulting with ROK in some details and then consultant with GTI member countries to establish the Expert Group in the near future.
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