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APEC experts meet on infrastructure

Released at: 09:55, 21/08/2017 APEC Viet Nam 2017

APEC experts meet on infrastructure

Photo: apec2017.vn

Well-designed, sustainable and resilient infrastructure will enhance economic growth, meeting hears.

by Van Long

An expert meeting of the APEC Committee on Trade and Investment (CTI) on Quality Infrastructure Investment was held in Ho Chi Minh City on August 19 within the framework of the third APEC Officials Meeting (SOM 3), where representatives from APEC member economies shared good practice and lessons learned in infrastructure projects.

According to organizers, the meeting aimed at enhancing understanding on quality infrastructure investment from both an institutional and technical perspective among high-ranking officials in charge of infrastructure. 

Delegates shared the view that well-designed, sustainable, and resilient infrastructure will enhance economic growth, boost productivity, and provide positive flow-on effectiveness, and that quality infrastructure investment helps ensure the governance of infrastructure, reliable operations during the life-span of a project, and safety and resilience against natural disasters, terrorism, and cyber attack risks. 

At the same time, quality infrastructure investment contributes to job creation for local communities and the settlement of environmental and social impacts. 

Ms. Kazuko Ishigaki from Japan’s Ministry of Land, Infrastructure, Transport and Tourism, cited an estimate by the Organization for Economic Cooperation and Development (OECD) in 2011 that the world needs $2.3 trillion per year for infrastructure investment. 

The Asian Development Bank (ADB) estimated recently that Asia needs $1.7 trillion each year for infrastructure development, she said, stressing that APEC has promoted the Connectivity Blueprint for 2015-2025 and related initiatives to boost infrastructure development. 

Ms. Ishigaki was quoted by Vietnam News Agency as saying that, like other countries, Vietnam should invest in infrastructure in a smart and effective manner, explaining that fragile infrastructure is easily damaged by natural disasters like floods and earthquakes. “It is important to design infrastructure in an effective way so that we don’t waste any investment,” she said. 

Mr. Nguyen Thanh Son from the International Cooperation Department at the Ministry of Construction, said that with annual growth of more than 6 per cent, Vietnam has poured a lot of investment into infrastructure to attract more foreign investors.

He added that the country needs $480 billion to upgrade its infrastructure from now to 2020.

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