China'S OBOR to Complement ASEAN Development Plans

SINGAPORE, Aug 2 (Bernama) -- China’s One Belt One Road (OBOR) initiative and the Master Plan on ASEAN Connectivity 2025 reflect a convergence of interests between ASEAN and China, said Singapore Minister For Foreign Affairs, Dr Vivian Balakrishnan. “As such, ASEAN is keen to explore possible synergies, including how the initiative can complement ASEAN’s development plans to maximise the results of our cooperation and vice versa,” he said in a written reply to a question from Dennis Tan Lip Fong, Non-Constituency Member of Parliament, here Tuesday. Tan asked if ASEAN had any plans to execute a multi-lateral approach in engaging with China's initiative to complement existing country-specific, bilateral approaches. “Singapore is actively consulting both ASEAN member states and China on how this will feature in our plans for the future development of the ASEAN-China strategic partnership,” he said. Singapore is the Country Coordinator for ASEAN-China Dialogue Relations until August 2018. Dr Balakrishnan said OBOR was significant as it had the potential to enhance connectivity and accelerate infrastructure development across Asia. At the regional level, the Minister said China’s non-financial overseas direct investment into ASEAN economies had more than doubled from 2008, reaching US$7.8 billion (US$1=RM4.28) in 2014. He said Asia needed US$26 trillion of investment between now and 2030 to develop power, utilities, telecommunications and transportation infrastructure and demand for infrastructure in the region was huge in that regard. “Thus, there is potential for the initiative to complement and support existing multilateral and regional projects, including those in ASEAN,” he added. -- BERNAMA