of small tributaries flowing towards the same end to form a large fertile river. the benefits we receive from the confluence of these small tributaries as opposed to one waterway are incomparable. likewise, strengthening domestic capital markets would help allocating available savings to the most productive use, thus, facilitating real sector ’ s economic activities and supporting economic growth. 9. a deep and liquid financial market could reduce business over - reliance on bank financing channel. on the other hand, it could also serve as a less - expensive alternative source of funds for local entities. the initial stepping stone towards a well - developed financial market is to improve the cross - country interconnectedness of local financial markets. financial connectivity could be enhanced by linking capital and bond markets, creating regional exchange trading system, as well as developing a network of payment and settlement system. another important step is to streamline rules and regulations to facilitate cross - border movement of capital. such a process can be achieved through promoting flows of capital among member countries via reducing regulatory obstacles to stimulate foreign participation and outward investment. currently, thailand allows non - residents of asean to issue both foreign currency - denominated and local currency bonds. the derivative market also serves investors to hedge against financial risks. in addition, regional financial cooperation such as the credit guarantee and investment facility ( cgif ) and the asian bond markets initiative ( abmi ) could also help support the development of local bond markets. 10. to sum up my remarks, the process of strengthening financial markets and enhancing their capacity to absorb large long - term development projects is a longdrawn process in which the commitment of public sector alone cannot guarantee success. of course, the public sector must fulfill its integral role in creating a supportive regulatory framework and in distributing public goods so that economic benefits can be enjoyed and shared by social participants through the whole range of the income spectrum. gross national savings in 2012 of 32 asian countries is approximately 7. 14 usd trillion ( countries used in calculation include china, japan, south korea, singapore, thailand, indonesia, malaysia and others ) from imf source ; weo bis central bankers ’ speeches however, private entities must collaborate with the public sector and step in to bridge current financing gaps and take part in the structural reform process. ladies and gentlemen, 11. in light of our historical background, we, as part of the gms community, have shared long - lasting prosperity throughout the mekong river areas. looking ahead, it will be our future that needs more commitments and a

more united aspiration from each of us to move forward together as a cohesive region. the opportunities ahead are apparent, if we can transform each member countries ’ strengths into regional competitiveness, these opportunities can be multiplied. by taking this conference today as a platform to share our common vision, i believe this is the initial important step that shall lead our region towards its sustainable and inclusive potentials. thank you. bis central bankers ’ speeches