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Singapore Partners G20, World Bank Group and the Global Infrastructure Hub to Advance Global Investment and Infrastructure Agenda

24 Apr 2016

Singapore Hosts G20 Events as Part of Global Investment and Infrastructure Agenda

1. The Ministry of Finance is hosting a series of G20 events in the coming week of 25 April to 28 April 2016 to advance the global investment and infrastructure agenda. The four-day series of events will include working group meetings, as well as expert discussions involving both the private and public sectors. Over 200 participants will attend these meetings, bringing together high-level government officials from G20 member countries, private sector practitioners, and representatives from international organisations such as the World Bank Group, the International Monetary Fund (IMF), and the Organisation for Economic Cooperation and Development (OECD). Please see Annex A (icon_pdf57 KB) for the list of meetings.

Paving the Way for Private Sector Investment in Infrastructure

2. Unlocking greater private sector investment in infrastructure as a means to boost global economic growth will form a key theme for the week’s events.  While global foreign direct investment (FDI) has risen last year, there remain opportunities for investments in early stage or greenfield projects. More can be done to promote investments in greenfield projects, given their potential to boost productive capacity and enhance standards of living.

3. To address this, the Global Infrastructure Hub (GIH), the Monetary Authority of Singapore (MAS), and the OECD will jointly host a workshop for G20 members and infrastructure practitioners to discuss appropriate risk allocation for Public-Private Partnership (PPP) transactions. This initiative builds on earlier efforts to improve the structure of project documentation and to standardise contracts, so as to provide clarity and reduce uncertainty for investors. The third instalment of the G20/OECD Singapore High-Level Roundtable on Institutional Investors and Long-Term Investment will also look at ways to crowd in institutional investors.

4. Mr Yee Ping Yi, Deputy Secretary of Singapore’s Ministry of Finance, will be delivering the opening address at the High-Level Roundtable on 25 April 2016. Mr Yee commented, “Singapore is honoured to partner G20 and international organisations to take concrete actions to boost infrastructure investment. One key project is to identify the appropriate allocation of risks between the public and private sectors to ensure that PPPs are commercially viable.” The week’s meetings will allow key stakeholders, including governments, to better understand these risk allocation principles and design more bankable projects.

Unlocking Synergies in Infrastructure Connectivity Initiatives

5. The meetings will include a G20 forum on strengthening global infrastructure connectivity, a key agenda of the Chinese G20 Presidency. This forum seeks to improve awareness of various infrastructure connectivity initiatives, as well as strengthen synergies between initiatives, such as the One Belt One Road, and the ASEAN Economic Community, which work in tandem to boost global trade and investment flows.

6. Speaking ahead of the forum on Wednesday, 27 April 2016, Mr Lee Ark Boon, CEO of IE Singapore said, “New regional connectivity initiatives will shape the trade corridors of tomorrow. These will generate new trade, financial and information flows, as well as demand for connectivity infrastructure. Singapore is well-placed to serve as a knowledge and project financing hub for connectivity solutions.” Mr Lee added that regional policymakers have a key role to play in harmonising standards, customs procedures and non-tariff regulations, to minimise costs and uncertainty and thereby boost trade flows.

7. The week’s meetings will provide crucial inputs to China’s investment and infrastructure agenda, which will be further discussed at the G20 Hangzhou Summit in September 2016. Singapore will participate in this year’s G20 Hangzhou Summit.