The IMT-GT Expo 2023, hosted in Batam’s Harbour Bay Downtown, is not only a showcase of culture, food, and souvenirs but also a beacon for bolstering cross-border trade within the Indonesia-Malaysia-Thailand Growth Triangle.
The Expo serves as a promotional platform for grassroots economics within the growth triangle, providing representatives from Indonesia, Malaysia, and Thailand an opportunity to collaborate and display their prowess.
Minister for Economic Affairs, Airlangga Hartarto, in a virtual address, hailed the expo as an embodiment of regional economic promotion. He emphasized the vital role of Small and Medium-sized Enterprises (SMEs) as the lifeblood of the regional economy.
Hartarto accentuated the need for strengthened collaboration among Central and Regional Governments and SMEs, which is the foundational principle of the IMT-GT collaboration.
Highlighting the creative industries of the IMT-GT region, the expo features a range of SME representatives from the three nations, aiming to inspire cross-border collaborations and widen market access.
The Expo coincides with the 30th anniversary of the IMT-GT cooperation, running from September 26th to October 1st, and also aligns with the Gebyar Melayu Pesisir event.
A significant breakthrough introduced at the Expo is the Local Currency Transaction (LCT) initiative. Through this, five ASEAN countries, including Indonesia, Singapore, Malaysia, Thailand, and the Philippines, can utilize their QR codes or e-wallets for cross-border payments. Hartarto emphasized the LCT’s potential in facilitating and promoting cross-border trade.
The IMT-GT Expo 2023 signifies the strengthening ties among ASEAN nations, with the LCT initiative being a testament to that collaboration. For Singaporeans and international visitors, the Expo offers a glimpse into the future of trade and commerce in the region, showcasing not only the vibrant culture but also innovative payment solutions.
Batam plays host to the IMT-GT Expo 2023, celebrating 30 years of economic collaboration among Indonesia, Malaysia, and Thailand. With over 38 participants, the Expo emphasizes the role of SMEs, creative industries, and introduces the cross-border LCT payment initiative, paving the way for a more interconnected ASEAN.
Source : Ekon.go.id (2023)
