Put Asia's funds to work for progress, says ADB VP Liqun Jin
09 Mar '06
3 min read
Asian Development Bank announces that the East Asia's enormous infrastructure needs estimated US$1 trillion over the next five years - can be met in part by using some of the region's vast financial reserves for investments at home, ADB Vice President Liqun Jin told the Mekong Development Forum.
"High saving rates and the large export earnings that the stronger Asian economies have experienced through several decades of outward-looking growth have enabled them to build up enormous capital funds and foreign exchange reserves," said VP Jin. "The irony, however, is that much of these financial resources are currently invested outside the region, while the region hungers for investment funds.
Vice President Jin delivered the Keynote Address at the Mekong Development Forum, where representatives from more than 80 Singapore companies gathered today to find out more about specific projects in the Greater Mekong Subregion (GMS) open for their participation. ADB and representatives from the GMS countries including Cambodia's Senior Minister and Minister of Commerce, Cham Prasidh, highlighted business opportunities in the energy, transport logistics, and urban infrastructure sectors.
Jointly organized by ADB, International Enterprise (IE) Singapore, and the International Organisations Business Association (INTOBA), the Mekong Development Forum is focusing on public-private partnerships in infrastructure development in the Mekong.
Comprising Cambodia,the People's Republic of China, Lao People's Democratic Republic, Myanmar, Thailand, and Viet Nam, the GMS is one of the world's fastest growing areas with average GDP growth of 6 percent over the last decade, and is Asia's most rapidly integrating subregion.
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