Quality infrastructure will attract foreign direct investment and is the key to Asean’s sustained economic growth, according to a Japanese bank official yesterday.

“The Asean region needs to give priority to developing good infrastructure. This is a key factor for improving connectivity and long term quality growth in the regional grouping,” said Yasuharu Funahashi, deputy general manager of Mizuho Bank.

“Infrastructure development in turn attracts foreign direct investment which will support Asean’s role as a major global trading partner,” added Mr Funahashi.

Mr Funahashi was speaking at a pre-World Economic Forum (WEF) on Asean panel that was attended by Japanese bankers, key players from the private sector and officials from the Japan International Cooperation Agency (JICA).

The WEF on Asean will be open today by Prime Minister Hun Sen.

Japanese Ambassador to Cambodia Hidehisa Horinouchi told the panel that Japan was willing to share its technical experience with Asean to further improve its global connectivity through quality infrastructure.

“We will continue to support the sustainable economic growth in the region through our expanded partnership and will also contribute to institutional building through human resource development,” Mr. Horinouchi said.

Ken Tun, chairman and chief executive officer of Parami Energy Group in Myanmar, said focus should also be on the infrastructure of poorer countries in Asean.

“Infrastructure in these countries is still poor but they are integrated with the rest of Asean. So way must be found to increase their connectivity with their neighbours,” he said.

According to a 2011 joint-survey by JICA and the International Monetary Fund, Cambodia needs more than $13 billion in infrastructure by 2020 to continue attracting foreign investment.

Source: KHMER TIMES (Thursday, 11 May 2017)