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Economic diversification in Asian LLDCs

Prospects and challenges

image of Economic diversification in Asian LLDCs
This report on Economic Diversification of Asian LLDCs: Challenges and Prospects will address economic diversification and its impact on structural transformation, building productive capacities, job creation and enhancing competitiveness of LLDCs in Asia. The primary objective of the report is to discuss the prospects and challenges for economic diversification in Asian LLDCs. The panel will discuss examples of concrete opportunities for economic diversification in these countries that would contribute to structural transformation, building productive capacities and job creation. The panel will also discuss the challenges posed by high and volatile commodity prices, which create incentives away from diversification. The 12 Asian landlocked developing countries (LLDCs) share the common challenge of remoteness and isolation from international markets, without direct access to trade by sea, which increases substantially their trade costs. Higher costs reduce the competitiveness of the Asian LLDCs and hinder their ability to harness trade to promote their economic growth and structural transformation. They also create incentives to these countries to specialize in high bulk primary commodities with relative inelastic demand to the trade costs.

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Foreword

Economic Diversification of Asian Landlocked Developing Countries: Challenges and Prospects, is a contribution by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) to the deliberations of the Second United Nations Conference on Landlocked Developing Countries, to be held in Vienna from 3 to 5 November 2014. It offers concrete proposals and ideas to advance the 2013 Vientiane Consensus, adopted as the outcome of the Asia-Pacific final regional review of the Almaty Programme of Action: Addressing the Special Needs of Landlocked Developing Countries within a New Global Framework for Transit Transport Cooperation for Landlocked and Transit Developing Countries.

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