Asia and the Pacific should find ways to speed up infrastructure investment to help maintain growth, Asian Development Bank (ADB) President Haruhiko Kuroda says.
Kuroda told the Asia-Pacific Economic Cooperation (APEC) group’s annual meeting of finance ministers in Honolulu that while Asia’s booming economies have been supported by the rapid rollout of new infrastructure, required investments are estimated at around $8 trillion between now and 2020. He says this will need substantial support from the private sector and that governments must continue regulatory and policy reforms to encourage international and domestic investors, as well as public-private-partnerships.
Kuroda also stressed the need for Asia countries to increase their focus on domestic and regionally driven demand. He says this will require both demand and supply-side policy measures, including support for the development of small-and-medium-sized enterprises.
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