G20, B20 to discuss steps to boost infrastructure investment

Policymakers and business leaders will come together for the first proposed joint G20 and B20 roundtable discussion to identify steps to lift infrastructure investment.
The round-table to be co-chaired by Australian Treasurer J B Hockey and B20 Australia CMD of Wesfarmers Richard Goyder, would provide a opportunity for business representatives to discuss with the G20 ministers how to boost private sector investment in infrastructure.
In a statement, infrastructure and investment task force of B20 - a grouping of business leaders of G20 nations - said private sector is a key driver of economic growth and would be needed to unlock the infrastructure opportunity.

B20 has estimated that at least USD 57 trillion will be needed to finance infrastructure projects worldwide through 2030 to meet the demands of global economic growth.
"Around the world, there is no shortage of funds available for investment, but significant infrastructure needs persist. The key challenge is getting policy settings and regulatory environments right so that they enable investment and create new opportunities," Goyder said.
The flow on benefits to an economy for every USD 1 billion invested is 8,000 jobs. This represents potential to generate between 500 million and 1 billion jobs over the next two decades, the B20 said.

"Where we can, we want to act with governments to remove barriers to growth and job creation and addressing the infrastructure gap is a critical response," Goyder said.

B20 Infrastructure and Investment Taskforce Coordinating Chair and CEO of Telstra David Thodey said the B20 will work to identify and address the factors that hinder private investment.
"Many of the issues that constrain private investment in infrastructure, as well as the potential solutions, are well documented. Through the B20 process, we will identify the barriers to investment and work with government to implement solutions," he said.
G20 nations comprise rich and developing countries, including India.