Bangkok--20 Mar--UN
As the Asia-Pacific economies grow rapidly, a lack of infrastructure is becoming a bottleneck for further growth in many countries. To address the issue, the UN’s regional arm, the Economic and Social Commission on Asia and the Pacific (UNESCAP), is holding a regional meeting in New Delhi, India, 21-22 March. UNESCAP estimates that the requirement of infrastructure investment in the region is over $600 billion annually but falls short by about US$200 billion every year.
The lack of special financial intermediaries to channel the vast savings in Asia and the Pacific to investment in infrastructure has been identified by UNESCAP as a key obstacle. “Asia is frugal. Yet our savings are kept in US dollars and in Euros and are used by others,” says Mr. Kim Hak-Su, UN Under-Secretary General and Executive Secretary of UNESCAP. “The region’s foreign exchange reserves stand at three point five trillion dollars. So the real challenge is whether we can recycle our savings into our region.
We are going to discuss in New Delhi all kinds of innovative financing methods.” (Journalists can download broadcast quality video clips of an interview with Mr. Kim at http://www/unescap/unis/av/video/ESCAP-Infrastructure/embedWM.asp .
The “High Level Policy Dialogue on Regional Cooperation for Infrastructure Development and Financing in Asia-Pacific” is jointly organized by a New Delhi-based think tank, Research and Information System for Developing Countries (RIS). At the meeting RIS will present a study, commissioned by the government of India, on various ways to mobilize the huge amount of savings in the region for investment in infrastructure. Ministers and senior government officials, academics, and private sector CEOs from around the region will share their experience and try to come up with a regional solution.
Proposals to be put forward by governments and experts at the meeting include developing infrastructure bond markets, setting up a new regional financial institution specialized in infrastructure investment, and strengthening lending for infrastructure development by existing multilateral and bilateral financial institutions.
India’s Minister of State for Commerce and Industry, Mr. Jairam Ramesh, Minister of Finance, Mr. P. Chidambaram, and Foreign Secretary, Mr. Shivshankare Nenon, will address the opening of the meeting on 21 March.
Note to Journalists: You are cordially invited to attend the meeting to be held at India Habitat Centre, New Delhi, and a press conference to be given by Mr. Kim Hak-Su at the conclusion of the meeting, 1630 — 1730, 22 March.
For further details:
UN Information Centre | Mr. Rajiv Chandran
55 Lodi Estate, New Delhi-110003 | National Information Officer
PH; 91-11-4653-2242 | UNIC New Delhi
e-mail: [email protected] | Mobile: (91) 98106-06833
[email protected]
For further information please contact:
Mr. Hak-Fan Lau, Chief, UN Information Services, UNESCAP
(In New Delhi): Mobile (91)98110-63093
(In Bangkok): Mobile (66) 84 700 1147 [email protected]