15:04 | 23/10/2015 Global Economy
The third ASEAN Connectivity Forum titled ASEAN-Korea Partnership for ASEAN Economic Building took place in the Republic of Korea on October 22.
Secretary-General of ASEAN Le Luong Minh speaks at the event (Photo: asean.org.vn)
Delegates from the 10 ASEAN member states introduced infrastructure projects and policy directions in the fields of transport, energy and information communication technology (ICT) to RoK businesses.
They also provided fresh information on the current statuses and challenges of projects being implemented under the Master Plan on ASEAN Connectivity (MPAC).
Bilateral meetings were conducted to facilitate network-building among the Korean business community, ASEAN government organisations and experts in infrastructure.
The forum also focused on current statuses and challenges in MPAC and financial solutions for ASEAN connectivity.
Experts said the amount of investment required for infrastructure projects in ASEAN was the second largest in the world after the Middle East.
McKinsey, a global consulting company, found that 3.3 trillion USD in investments would be required for transport, water, energy and ICT projects in ASEAN countries between now and 2030.
Enormous opportunities for large-scale infrastructure projects will be created when the ASEAN Economic Community, with a population of 620 million and a combined total GDP of 2.4 trillion USD, is established.
As part of the ASEAN connectivity initiative, MPAC aims to narrow the economic development gap in the region through infrastructure connection. The master plan focuses on enhancing physical connectivity, institutional connectivity and people-to-people connectivity./.