18. A welcome message from H.E. Mr. Han Duck-soo, the Prime Minister of the Republic of Korea, was circulated to the delegations.
19. The Prime Minister of the Republic of Korea welcomed the delegations and noted that the presence of ministers and vice ministers from the Asian and Pacific region demonstrated the interest of member countries in promoting PPPs in infrastructure development. He also conveyed his congratulations on the opening of the Conference which marked an important milestone in the region's efforts to achieve sustainable economic and social development.
20. The Prime Minister observed that the Asian and Pacific region was richly endowed with human and natural resources and had an enormous potential for growth. In order to stimulate economic growth and spread benefits to all citizens, there was a need to accelerate the development of infrastructure facilities and services. However, in the face of growing fiscal demands for various sectors, available funding had fallen short of the investment needs, with the result that private sector participation in infrastructure development had emerged as an alternative means of overcoming this challenge. Fortunately, due to high global liquidity of financial resources in recent years, there was a good outlook for infrastructure development by the private sector. The challenge was however to devise an appropriate modality which would attract ongoing private sector investment, and establish an institutional framework which would engender private sector confidence in PPPs.
21. The Prime Minister noted that the key factors for successful PPPs were positive driving force of the government, a well-defined objective and proper analysis of available options. Furthermore, the risks and responsibilities associated with service provision needed to be appropriately allocated between the public and private sectors.
22. In the Republic of Korea, continuous efforts had been made for over a decade to promote private sector participation in infrastructure development as well as to optimize the efficiency and creativity of the private sector. The Republic of Korea was, for its part, ready to collaborate with other member countries in revitalizing PPPs in the region.
23. In conclusion, the Prime Minister expressed the hope that the Conference would not only provide a forum for fostering greater understanding of PPPs as well as exchanging information and experiences, but would also mark a significant milestone of friendship and cooperation between countries of the Asian and Pacific region.