SANYA, March 23, 2016 (Xinhua) -- Chinese Premier Li Keqiang (3rd R) poses for a group photo with Thai Prime Minister Prayuth Chan-ocha (3rd L), Cambodian Prime Minister Hun Sen (2nd R), Lao Prime Minister Thongsing Thammavong (2nd L), Vice President of Myanmar Sai Mauk Kham (1st R), and Vietnamese Deputy Prime Minister Pham Binh Minh (1st L) before the 1st Lancang-Mekong Cooperation Leaders' Meeting in Sanya, south China's Hainan Province, March 23, 2016. (Xinhua/Li Tao)
SANYA, Hainan, March 23 (Xinhua) -- The First Lancang-Mekong Cooperation (LMC) Leaders' Meeting was held in Sanya, Hainan of south China on Wednesday. A joint statement was issued after the meeting.
Following is the full text of the Joint Statement on Production Capacity Cooperation Among Lancang-Mekong Countries:
1. We, the Heads of State/Government of the Lancang-Mekong Countries, recalling that the Lancang-Mekong countries have achieved rapid and significant progress in their economic relations and have become important partners for economic cooperation, agree to further promote cooperation among Lancang-Mekong countries.
2. We are aware that the Lancang-Mekong countries all face challenges in infrastructure construction, industrial structure upgrading and sustainable economic and social development. In the meantime, countries are accelerating industrialization and urbanization, deepening industrial restructuring and enhancing infrastructure connectivity. This provides important opportunities for international production capacity cooperation.
3. We share the view that production capacity cooperation is to improve regional trade and investment cooperation, the industrial development ability of all cooperation partners by making full use of their competitive advantages, manufacturing capacity and market size and by adopting diversified cooperation forms such as direct investment, project contracting, technical cooperation and equipment import and export.
4. We agree that production capacity cooperation is an important way to promote the Lancang-Mekong Cooperation, as it could help optimize regional productivity distribution, enhance the countries' standing in the global value chain and improve their ability of sustainable development.
5. We emphasize that production capacity cooperation will adhere to the principles of mutual benefit, equality, and win-win results, and abide by domestic laws of each country and international treaties and agreements to which Lancang-Mekong countries are State parties.
6. We stress that production capacity cooperation will promote sustainable development through environmental protection, natural resources conservation.
7. We agree that production capacity cooperation will focus on jointly promoting economic development and industrial transformation and upgrading in relevant countries. Such cooperation should increase localization in enterprise employment and procurement, reinforce local staff training and enhance local employment to generate good economic and social results, and provide necessary support for SMEs' development in the production linkages.
8. We believe all member countries should strengthen exchanges of experience and expertise in developing macroeconomic policy and industrial development strategy, and cooperate in building human resources and promoting innovation and advanced technology transfer, align their respective competitive advantages and development needs and turn cooperation potentials into a steady flow of cooperation success.
9. We encourage enterprises and financial organizations of member countries to implement production capacity cooperation projects for win-win results in response to the market demand and in accordance with business principles and international practices. Meanwhile, the governments need to create favorable conditions for production capacity cooperation by maintaining a stable and sustainable macroeconomic environment, fostering a sound business environment, promoting free and orderly flow of economic factors, efficient allocation of resources and integration of markets and strengthening policy communication and coordination.
10. We agree to prioritize in production capacity cooperation sectors such as electric power, power grid, automobile, metallurgy, production of building materials, supporting industries, light industry, textile, medical equipment, information, communications, rail transport, water transport, air transport, equipment manufacturing, renewable energy, agriculture and agricultural and aquacultural processing, in line with legal frameworks and development realities of relevant countries and relying on the development of transportation linkages and the platform of industry cluster districts. All member countries will work together to achieve progress in major projects that meet their development needs and expand the areas and enhance the level of such cooperation.
11. We agree to make good use of the existing bilateral and multilateral financial resources, including the AIIB, to support production capacity cooperation among Lancang-Mekong member countries, and will continue to explore additional financial resources.
12. We firmly believe that production capacity cooperation will further strengthen the existing close economic ties among the Lancang-Mekong countries. Member countries will enhance production capacity cooperation to share the opportunities, meet common challenges, achieve sustainable development and common prosperity to the benefits of our people.