20 June 2017
Media Release - #2017083, 2017

Australia’s AIIB statement: Connectivity from infrastructure key to development

SUSTAINABLE infrastructure investment and partnership with the private sector have underscored Australia’s statement to the 2nd Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Jeju, South Korea.

Small Business Minister Michael McCormack welcomed the Bank’s expanding membership and the 13 projects it has underway in eight countries.

“Infrastructure investment is key to connecting regions and cities, and for delivering jobs and opportunities to local communities. Australia is proud to be part of the AIIB which is already delivering investment in critical infrastructure in communities throughout Asia,” Mr McCormack said.

“This summit is a great opportunity for Australia to continue its work with partners around the region and the world to drive sustainable infrastructure investment, as we head towards our 2030 Sustainable Development Agenda.

“As the Bank establishes itself and its membership expands, Australia looks forward to deepening our relationships within the region to support connectivity and economic development.

“The Bank and its members have made significant progress in the first year and Australia commends its work to date. We are excited to work with the Bank as it plays an innovative role in financing the infrastructure our region needs, working towards goals set by the G20.”

Mr McCormack, representing the Treasurer Scott Morrison, who is Australia’s AIIB Governor, also held a number of bilateral meetings with senior leaders from the Pacific and Asia, as well as AIIB member countries from around the world, throughout the summit.

“Australia has a unique relationship with each of the Bank’s members and I appreciated the opportunity to meet with a number of them to discuss greater connectivity throughout the Asia-Pacific, and Asia-Pacific’s connectivity to the world,” Mr McCormack said.

“With innovative lending models, greater connectivity and deeper relationships, Australia’s businesses, farmers, exporters and consumers will benefit from our membership of the AIIB and growth within the Asia-Pacific region.”

Australia’s country statement and other addresses to the AIIB can be viewed on the Minister for Small Business' website. Mr McCormack was in South Korea between Thursday 15 and Saturday 17 June 2017.