Financing for Regional Economic Integration for Northeast Asia

Abstract

The Northeast Asian region is one of the most dynamic economic regions in the world, which includes the major players of China, Japan and Korea, with productive linkages to resource-rich Russia and Mongolia and to the United States. In contrast to the region’s robust economic growth regional security has long been fragile, mainly due to the geopolitical condition resulting from the Cold War era.If the countries in Northeast Asia wish to further their development and prosperity, they will have to learn to harness their dynamic economies and create a region in which peaceful coexistence and common prosperity prevail. Northeast Asia has a northern subregion that includes North Korea, Mongolia, the Russian Far East, and the northeastern provinces of China - an area that is well - endowed with latent natural and human resources. This subregion has the potential of becoming an important source of natural resources for the entire region, and what is needed is to realize that potential through infrastructure investment.Energy security and environment is for example, an important area of cooperation, as the three major countries are heavily dependent on energy imports and are highly vulnerable to energy crisis. Financing requirements for the necessary cross-border infrastructure are likely to be large, and a regional development bank is a key in meeting that financing need.This volume, which is a sequel to the first volume, Financing for Regional Economic Integration for Northeast Asia, is comprised of papers, research reports and summaries of a main conference and several specialized meetings, as well as affiliated activities, that took place under this project. The results of this project represent a considerable beneficial to the region and have been carried out in a spirit of cooperation that we esteem.