About the Talk
March 9, 2015 10:00 PM
Asia’s diversity is its strength in providing opportunities for trade, investment and economic growth. As the home of more than half of the world’s population and having more than ¾ of Earth’s land mass, Asia is the melting pot of culture, religion, talents and skills. The region’s economy has flourished through the years and has been acknowledged all over the globe with the help of abundant natural and artificial resources. International investments start to flock the countries with the greatest potential. As a result, Asia is slowly becoming the global center, playing a big role in global economy.
Despite the brighter side of things, healthy as well as dangerous competition started to emerge. Developing countries show their wealth and rapid growth through one of the most visible factor to invest in: Infrastructure. The pattern of Asia’s development highlights this phenomenon. Higher and highest buildings appear as well as skyscrapers that would have been defeated the tower of Babel. Business centers where allotted in the cities and near ports and airports are different business enterprises.
However, many parts of Asia remain to be unoccupied, though. And many inland and remote areas, landlocked countries and distant islands – remain to be isolated economically and geographically. Much of Asia’s potential and resources remain untapped.
While parts of the region’s infrastructure are world class, it is generally below the global average, according to the study by Asian Development Bank. Rapid growth in recent years has also put severe pressure on the existing infrastructure, particularly in transport and energy, as well as in communications. The inadequacies of Asia’s infrastructure networks are a bottleneck to growth, a threat
to competitiveness, and an obstacle to poverty reduction. Scams and fraud are also emerging in the midst of the development in Asia which adds to the issues the industry should be concerned about.
Between 2010 and 2020, Asia needs to invest approximately $8 trillion in overall national infrastructure. In addition, Asia needs to spend approximately $290 billion on specific regional infrastructure projects in transport and energy that are in the pipeline. Of these regional projects, 21 high priority projects that could be implemented Executive Summary 5 by 2015 at a cost of $15 billion have been identified. The successful implementation of these high-priority projects and their wider regional benefits would create a strong drive toward further strengthening regional infrastructure networks. This amounts to an overall infrastructure investment need of about $750 billion per year during this 11-year period
Both private and government infrastructure sectors are in the same goal to build a better and developed Asia that can compete with the 1st world countries. Construction companies like Axis Capital Group, which is based in Singapore and is predominantly expanding the business with its branch in Jakarta, Indonesia partners together to provide quality and sturdy products to create quality buildings and reach other isolated parts of the region.