That is a trend being repeated throughout Asia. Currently about 10-15 percent of total infrastructure investment is now privately finance, according to the World Bank. And over the next decade, the share of private financing is likely to jump to 30 percent. This month, my department sent Congress our bi-annual report on the state of infrastructure. In the years ahead, I know my government will be looking for more innovative techniques to fill the gap, and that means finding ways to attract private capital.
Transportation infrastructure is the backbone of any economy.
I know it is for America, and I know that's true for many nations around Asia which are building their economies for the future. As leaders, we must come to grips with this reality if we are to meet the needs of our people by preparing our economies for competition in the increasingly globalized marketplace. If we fail, our people will be less prosperous and the futures of children put in jeopardy. And I know, as you know, that one of the best ways to deal with these problems is by doing what we can to strengthen our capital markets so they can provide the necessary financing in partnership with the public sector. And that is what we'll be working on through the APEC regional forum in the years to come.