More private capital and fresh ideas are key to unlocking Asean's growth potential
Asean's infrastructure investment needs are estimated to hit US$3.4 trillion between 2013 and 2030. It is critical that governments, the private sector and and multilateral development banks work in sync
ASEAN needs at least a trillion dollars of infrastructure investment in the next five years to keep pace with economic growth, and to meet the goals of ending extreme poverty and boosting shared prosperity. Access to reliable and affordable infrastructure is crucial for any economy to create jobs and promote sustainability, and current development spending in the region falls far short of what is needed to meet the global goals by 2030.
And though Asean's growth is expected to remain steady throughout 2018, governments in the region still face difficulties in meeting the infrastructure development needs required to support sustained economic growth and reduce poverty.
Even today, 76 million people in the Philippines, Myanmar and Indonesia do not have access to electricity; more than 360 million people across Asia lack access to basic water services. Further, rapid urbanisation and population growth put additional pressure on current capacity. The numbers speak for themselves.
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