What we need is to match the huge amounts of regional savings with the much-needed investment in infrastructure, which is as high as 8 trillion dollars over the next decade as estimated by the  3  2  ADB website (2012) (http://www.adb.org/features/fast-facts-asean-prc-and-india-great-transformation)  BIS central bankers’ speeches  ADB.4 To match this huge demand for funds, ASEAN along with China, Japan and Korea have put in place several initiatives: two key projects include the ASEAN Infrastructure Fund, which pools regional saving into funds for investment in infrastructure projects and the Asian Bond Markets Initiative, which develops and deepens regional bond markets so as to tap regional savings. 15. To conclude, there are great opportunities in store ahead. At the end of the day, the benefits of trade liberalization and infrastructure development will extend to all of us if we work collectively to overcome the challenges. The AEC will be a springboard to benefit the whole region, particularly for the GMS. This is because the whole region will be more closely knitted, not only in terms of physical connectivity but also in terms of shared production networks. I believe that this conference today will be an excellent platform for us to come together and share our ideas towards realizing long-lasting prosperity in the GMS region. Thank you. 4  ADB website (2009) (http://www.adbi.org/files/2009.08.31.book.infrastructure.seamless.asia.pdf)  BIS central bankers’ speeches  3
Goh Chok Tong: Sharing some perspectives on growth Speech Mr Goh Chok Tong, Senior Minister and Chairman of the Monetary Authority of Singapore, at the Group of Thirty(G-30) International Banking Seminar and Lunch, Singapore, 18 September 2006. *  *  *  The good, the bad and the ugly Let me first bid you a warm welcome to Singapore. I was recently invited by the World Bank to be a member of the Growth Commission chaired by Professor Michael Spence. So today's topic "Sharing Some Perspectives on Growth" fits me like a glove. In offering my perspectives, I shall draw heavily on the experience of Singapore. Forty years ago, soon after I started work in the Economic Planning Unit of the Finance Ministry, I was sent to do a post-graduate course in Development Economics at Williams College in the US. The course was designed for young officials from developing countries. There were 20 of us from 16 countries spanning four continents - Asia, Europe, Africa and Latin America. The countries included the Philippines, Pakistan, India, Yugoslavia, Egypt, Tanzania, Liberia, Honduras, Colombia and Mexico 1 The 1960s was dubbed the "Decade of Promise". An unprecedented number of colonies had just gained independence. My fellow students and I were taught the latest development theories. Brighteyed and bushy-tailed, we were full of hope. But 40 years later, history tells a different story. Only a few had our hopes fulfilled; most had their dreams dashed.