Concluding Remarks

ASEAN has come a long way from the days of national autarkic and inward-looking policies. It has improved its ability to respond to the challenges of regional integration and globalization; in so doing, it has succeeded in transforming itself into a key player in the world economy. ASEAN plans an economically integrated ASEAN Economic Community in 2015. In order to achieve this goal and to sustain its stellar economic performance, addressing the region's current and future demand for infrastructure will be critical. There is a need to build an ASEAN regional infrastructure initiative based on a shared strategic vision with strong commitment of all participating economies.

In order to tap its large economic potential and to weather the ongoing global economic crisis, ASEAN needs to enhance regional cooperation in infrastructure development, particularly in cross-border infrastructure (CBI) provision and financing. Pushing for CBI will be essential to support growth and promote cross-border trade and investment, both within and outside the region. The long-term benefits of CBI projects should far exceed those of domestic projects.

In order to achieve ASEAN's vision of a stable, prosperous, and highly competitive region, with equitable economic development, and reduced poverty and socio-economic disparities, regional infrastructure cooperation for cross-border connectivity must complement efforts in infrastructure development at the country level. In this difficult time, by working together, ASEAN countries can sustain economic growth as well as move closer to their goal of integration.

It is also significant to note that CBI development in ASEAN can assist in establishing connectivity to large markets, such as PRC in East Asia and India in South Asia. At the same time, it can assist the process of ASEAN+3 and ASEAN plus India cooperation. In this regard, ASEAN infrastructure integration can act as a building block for pan-Asia cooperation and integration.

There are various subregional initiatives in infrastructure development which sometimes overlap with ASEAN, such as the GMS, BIMP-EGA, and IMT-GMT. ASEAN can play a role in facilitating better coordination and planning among these initiatives.

With strong cooperation and coordination among member countries, the help of MDBs like ADB and World Bank, more integrated and stable financial markets, the creation of innovative financial instruments, and sound macro economic policies towards effective maintenance and development of pan-ASEAN infrastructure, there is no doubt that ASEAN can strengthen its economic integration and achieve the goal of the ASEAN economic community by 2015.

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