16 Asian nations approve USD290bn development plan

Association of Southeast Asian Nations' (ASEAN) 10 member states and six non-ASEAN countries approved a USD290 billion plan to develop infrastructure in the Asia Pacific region, covering ASEAN, China and India (Japan Today, 27-Aug-2010). The approval came at an unofficial meeting of economic ministers from ASEAN, Japan, China, South Korea, India, Australia and New Zealand, held in Danang, Vietnam. The plan, which covers approximately 700 airport, railway, seaport, energy, telecommunications and other infrastructure development projects, will ''contribute to Asian economic development" according to Japanese Economy, Trade and Industry Minister, Masayuki Naoshima. The agreement is designed to build air, ground and maritime transportation networks, with priority plans including airport construction in southern Vietnam.