cost of financing long-term infrastructure projects. I hope the ADB can consider moving in this direction and propel growth in the region," the Prime Minister said.
Referring to India-ADB ties, he said both have a strong commitment to a common agenda in making the growth processes inclusive and sustainable.
"I sincerely believe that this is not just a social and political imperative, but also a sound economic underpinning for sustained long term growth," he added.
Singh further said the regional cooperation and integration among countries in Asia and the Pacific can play a critical role in accelerating economic growth, reducing
poverty and economic disparity.
He stressed on the importance of building cross-border infrastructure, eliminating trade and investment barriers, and cooperation including transfer of technology.
"India is a firm believer in the benefits of regional integration and is committed to promoting it. We stand committed to deep engagement with the countries of East and
Southeast Asia," the Prime Minister said.
He pointed out that resurgence of Asia is part of a process where economic power has been shifting to emerging economies in recent years.
At Purchasing Power Parity, he said, emerging economies accounted for 80 per cent of the world growth in 2012, with emerging Asia accounting for a majority of it and China and India accounting for 35 per cent and 10 per cent of world growth respectively.
In 2013 the IMF expects advanced economies to grow at only 1.2 per cent while developing Asia is expected to grow more than five times faster at 7.1 per cent.