ADFIAP chair speaks at Northeast Asia Economic Forum

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datuk wanADFIAP, represented by its Chairman, Datuk Wan Azhar Wan Ahmad, spoke on “NEA Infrastructure Development Needs & Funding Mechanism” at the Greater Tumen Initiative (GTI) GTI NEA Economic Cooperation Forum on October 31, 2013 in Ulaanbaatar, Mongolia.

The Forum provides ADFIAP another unique platform for high-level interaction and visibility with representatives of governments, international organisations, business sector and academia to promote economic cooperation in Northeast Asia, particularly in the Greater Tumen region. The Forum also offers ADFIAP comprehensive knowledge and valuable insight into the strategic prospects of economic integration in Northeast Asia, with long-term goals of strengthening trade and investment ties, promoting partnerships and synergizing efforts on Northeast Asia regional development.

In his presentation, Datuk Wan stressed the need of good quality infrastructure as a fundamental component for sustainable development. “One of the impediments to growth in various developing nations is the unavailability of proper infrastructure to meet the needs of the rapidly growing population” Datuk Wan stated. He cited as an example the Northeast Asia (NEA) region, located in one of the most dynamic and fastest part of the world, which needs a comprehensive infrastructure development to sustain its economic growth.

Datuk Wan also cited the Malaysian government’s persistent drive to develop and upgrade its infrastructure that had resulted in it having one of the most well-developed infrastructures among the newly-industrializing countries in Asia. He enumerated some of its infrastructure development undertaken and work in progress, namely, extensive network of highways, efficient seaports, established airports, developed industrial parks, specialized parks, and high-tech telecommunications.

In closing, Datuk Wan explained that infrastructure development is long-term plan requiring huge capital layout and resources especially human capital and a full support and backing of the government as well as the private sector, the financial institutions and the people who are the stakeholders and beneficiaries.

The GTI, originally known as the Tumen River Area Development Programme, is an intergovernmental cooperation mechanism among 4 countries – China, Mongolia, Republic of Korea and Russian Federation – which is supported by the United Nations Development Programme (UNDP).

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