and products both in their own countries and outside. singapore has a good brand name in the middle east and awareness about us is increasing. there are many opportunities for our businesses there. 20. during my visits to the middle east, i sensed their interest in investing in asia. many are keen to engage china and india but their businessmen told me that they were not so familiar with doing business in china. singapore can serve as a bridge, given our knowledge and connections. furthermore, indian, chinese and singaporean financial institutions could tap into islamic funds from the middle east for infrastructural and other major projects in india and china. 21. as an international financial centre, singapore is well placed to intermediate and facilitate investment flows between asia and the middle east. already, funds managed in singapore from the middle east have increased by over 70 % to s $ 22 billion in 2004. but this is still a small figure, given the trillions of dollars of wealth in the middle east. we should work with credible partners to offer a wider suite of islamic financial services and products. the role of mas 22. mas will continue to support and partner the financial industry to seize the opportunities. last year, i highlighted three strategic priorities for mas and our financial sector. they are first, strengthen our position as a leading financial centre in asia ; second, maintain excellence in a riskier environment ; and third, leverage and build on our reputation. we have made good progress on all three fronts. strengthening our position as a leading financial centre in asia 23. as mas chairman, i regularly meet ceos of global banks and big companies. they give me a feel of how singapore is viewed. one of the top bankers told me that he saw singapore emerging as one of the top financial centres in asia in the longer term. our strong fundamentals will enable us to play a role in asia's transformation. another ceo told me that his bank found skill levels and costs in singapore competitive enough for them to outsource processing work, including operations and it development from europe to singapore. 24. in 2004, our treasury and capital markets grew strongly. for instance, the singapore debt market grew by 20 % to s $ 123 billion. our fund management industry has continued to flourish, with assets under management ( aum ) rising to almost s $ 600 billion. on the singapore exchange, the structured warrants market has seen tremendous growth. 25. a vibrant and dynamic financial centre depends on a vibrant and dynamic talent pool

lim hng kiang : increasing and broadening private sector participation in infrastructure development opening remarks by mr lim hng kiang, minister for trade and industry and deputy chairman of the monetary authority of singapore, at the world bank - singapore infrastructure finance summit, singapore, 29 may 2013. * * * ms sri mulyani indrawati, managing director of the world bank group mr cesar purisima, secretary of finance of the philippines mr sergey storchak, deputy finance minister of russia mr areepong bhoocha - oom, permanent secretary of the ministry of finance of thailand distinguished guests ladies and gentlemen introduction – infrastructure financing is crucial to maintain sustainable growth for countries a very good morning to all of you. it gives me great pleasure to join you at the opening of this year ’ s world bank - singapore infrastructure finance summit. let me extend a warm welcome to all our guests, and especially to our overseas guests. this is our fourth meeting, and we are meeting under more stabilised circumstances. emerging market economies have experienced a strong rebound in capital inflows post global financial crisis. mckinsey estimates that some us $ 1. 5trn in foreign capital went to emerging markets in 2012. these flows are due in part to institutional investors ’ hunt for yield in the shorter term, and in part also to the longer - term shift in liquidity from the advanced to the emerging world. the g30 working group on long - term finance has estimated that infrastructure spending must increase nearly 15 % for countries to achieve even moderate levels of economic growth. the scale of spending required is significant ; it raises questions on whether and how our financial system can deliver the required financing. policy - makers recognise this ; international fora such as the g20 and apec have made long - term investment a priority agenda topic this year. a key challenge is how we can better channel capital flows towards infrastructure development, a major element in countries ’ pursuit of sustainable, equitable growth. to address this challenge, we must pursue enhancements in three areas – first, to catalyse private sector involvement in project financing ; second, to optimise the project delivery value chain ; and third, to build capabilities in both the public and private sectors. private sector investment in infrastructure is critical, and solutions must be created to support a necessary shift in sources of financing over time let me first turn to private sector investment in infrastructure. at present, governments drive about 60 % of infrastructure spending globally