Total infrastructure investment is expected to surpass the US$8 trillion mark for 32 developing Asian countries, which will also need around $776 billion-a-year between 2010-2020.
The Journal of Commerce reported the Asian Development Bank institute as saying that Indonesia, China and India are among the countries that require the most investment between the 2010-2020 period.
One of the projects to be taking place across Asia is China’s ‘Maritime Silk Road’, which aims to effectively link Chinese ports to ports across the South Asia region.
A $40 billion Silk Road infrastructure fund has already been established by the Chinese government in a bid to boost connectivity across the Asian region.
India is expected to capitalise on the new banking system for its own initiatives, however, it is not likely to support China’s Silk Road initiatives, due to fears that China’s influence will be increased across Asia.
As a result, India has proposed its own ideas with ‘Project Mausam’; a plan to revitalise relationships with countries in the Indian Ocean.
Chinese President Xi Jinping has also launched a $5 billion artificial port project in Colombo, Sri Lanka which aims to make Colombo’s port the main hub along the maritime Silk Road.