Asian countries need to urgently focus on developing core infra: Asian Business Summit

The Asian countries need to urgently focus on developing core infrastructure such as electric power, communication, roads and railways to promote economic activities and push growth of this region. This was emphasised in the Asian Business Summit, which was organised by Japan-based business chamber Keidanren and CII in cooperation with major economic organisations in Asia.

The summit adopted a joint statement which states common commitment of the Asian businesses towards pushing the overall economic growth of the region, industry body CII said. To realise the common commitments, it said Asian countries need to work on promoting global trade, improve infrastructure, innovation and training of human resources. "In Asia, it is urgent to develop core infrastructure, such as electric power, communication, roads, railways, water supply and sewerage, ports and airports. These facilities are the foundation of economic activities and people's livelihood and also support inclusive growth," the joint statement said.

It also called for development of an environment that enables companies to conduct business activities across borders freely and smoothly. The statement said while concerns are raised over rising protectionism, it is important for Asian economies to collaborate and cooperate in maintaining and strengthening the free and open international economic order.

"Efforts must be made to facilitate businesses through protection of intellectual property and improvement of rules such as securing fair competition," it said. Further, it added that tourism is a promising growth field, which provides a platform to encourage exchange of people and contributes in building mutual understanding and trust which will serve as a foundation of cooperation among economies.