MEDIA RELEASE
Released By:
Billson
Australia will provide $2 million over three years to sponsor a regional forum to assist East Asian and Pacific countries boost competition and fair trade in essential infrastructure services, Parliamentary Secretary for Foreign Affairs, Bruce Billson, announced today.
'The East Asia and Pacific Infrastructure and Regulatory Forum, to be funded by AusAID, is an important part of Australia's efforts to encourage private sector investment and stimulate growth throughout the region,' Mr Billson said.
'Protecting consumers and promoting the rights and obligations of private industry will help to improve the environment for business investment in East Asia and the Pacific.
'The right environment for investment can significantly boost local economies and sustain growth which makes a real difference to improving the livelihoods of people in need,' Mr Billson said.
'The Forum aims to promote good practices in infrastructure management and regulation through the sharing of know-how and the provision of training and exchange programs.
'People benefit from good regulatory practices that provide more affordable and reliable essential services, including competitively priced water, transport, electricity and communications,' Mr Billson said.
'Improving the regulatory environment will not only encourage investment in quality
infrastructure, but also serve to strengthen accountability and reduce corruption.
'Australia will be represented on the Forum's Executive Committee by the Australian Consumer and Competition Commission, with participation by regulators from developing countries across the Asia Pacific region.
'Infrastructure and investment are essential for long-term economic growth and development and participation by regulators from our Pacific neighbours such as Fiji, PNG and Solomon Islands, will increase opportunities for the region to reach its economic and social potential,' Mr Billson said.
Media inquiries:
Shane Fairlie (Mr Billson's office) 0408 680 442
AusAID (Public Affairs) 0417 680 590