RP President Ramos supports APEC infrastructure talks
RP President Ramos supports APEC infrastructure talks
MANILA (UPI): Philippine President Fidel Ramos said yesterday he will support a recommendation by the region's businessmen to conduct roundtable discussions between the private and public sector on the country's infrastructure needs.
The Asia Pacific Economic Cooperation Business Advisory Council submitted last week recommendations to hasten free trade in the region in the areas of cross-border flows, finance and investment, infrastructure, small and medium enterprises, and economic and technical cooperation.
"I have directed my Cabinet to hold the first public-private sector infrastructure roundtable in Manila in November at the time of the APEC Business Forum," Ramos told journalists.
In its 56-page report, the council underscored the importance of cooperation between the public and private sector on various infrastructure projects.
"Each APEC economy wishing to attract foreign investment in infrastructure should organize a Joint Infrastructure Roundtable in 1997 to identify opportunities where the business or private sector could assist in meeting some of the host country's infrastructure needs," the report said.
The council noted the rapid economic growth in the region has increased the demands for infrastructure. It cited a 1995 World Bank estimate that the demand for new infrastructure spending in East Asia between 1997 to 2004 alone could reach d1.5 trillion.
"Clearly, the region will only be able to achieve its potential and sustain its growth through major changes in current approaches to infrastructure planning, financing and construction," the report said.
The council has identified three important areas that APEC- member economies should address in relation to the endeavor, namely: the identification of the region's overall infrastructure needs; guidelines to facilitate private sector participation in infrastructure; and the role of multilateral lending agencies and bilateral aid in infrastructure development.
The 7-year-old APEC decided in 1994 to completely open trade and investments by the year 2010 for industrialized countries and 2020 for developing ones.
Its 18-member economies are Australia, Brunei, Canada, Chile, China, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, the Philippines, Singapore, South Korea, Taiwan, Thailand and the United States.