Malaysian deputy Prime Minister Najib Razak said ASEAN countries need to cooperate with each other to minimize the effects of the global economic slump, local media reported on Tuesday.
Najib, delivering the keynote address at the ASEAN Infrastructure Financing Mechanism (AIFM) conference on Monday, said regional cooperation to promote mutual prosperity was sorely needed.
"The recent dislocation of financial markets around the world is already starting to impact on regional economic activities," Najib was quoted by the New Straits Times as saying.
"While there is already coordinated intervention to address the effects of financial contagion, I wish to propose that the governments of ASEAN (the Association of Southeast Asian Nations) consider expanding our efforts to include creating and supporting growth opportunities throughout the region to offset the slack in global consumption and investment," he said.
The critical challenge ahead for ASEAN was the strengthening of cooperation to achieve shared prosperity and harmony, Najib said.
The long-term prosperity and stability of the region, Najib added, could only be realized if social harmony was sustained through more equitable sharing of the benefits of economic growth.
"The provision of basic infrastructure throughout the region is, therefore, necessary to overcome the geographical, resource and knowledge constraints that impede our communities from achieving progressive economic development," the deputy prime minister said.
Facilitating higher levels of business activities through improved infrastructure networks and facilities would attract external investment, lead to the opening of more areas and ensure balanced distribution of economic wealth throughout the region, Najib said.
The private sector and multilateral organizations could help implement infrastructure projects by working with the task force established by ASEAN finance ministers to help the region shape more effective approaches in implementing infrastructure projects, strengthen the capacity to manage them and broaden the range of facilities and instruments to manage financial risks, he said.
ASEAN would be seeking the support of organizations like the World Bank and the Asian Development Bank as well as other specialized agencies to take part in efforts to build an ASEAN infrastructure financing mechanism, Najib said.
Source: Xinhua
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