Business / Economy

Thai banker calls joining AIIB 'irresistible trend'

(Xinhua) Updated: 2015-03-19 10:20

BANGKOK -- It is only natural for major European economies like Britain, France, Germany and Italy to join the China-proposed Asian Infrastructure Investment Bank (AIIB) as no country would want to miss opportunities that come with the rapid economic development in Asia, a Thai banker said Wednesday.

"Rapid economic development in the region will surely bring along tremendous business opportunities and by joining the AIIB, countries will effectively grasp the opportunities and benefit from them,"Wichai Kinchong Choi, Senior Vice President of Kasikornbank, told Xinhua.

The economy of Europe and the United States remains flagging while that of Asia, especially East Asia, flourishes, he said, adding "the future of the world's economy will be centered in Asia."

The China-proposed initiative of building the 21st Century Maritime Silk Road and the Silk Road Economic Belt will contribute to the mutual development of participating economies, and the AIIB, which will offer financing services for infrastructure projects in the region, is intended to help tap development potential, the banker said.

The AIIB is a financial institution, rather than a political tool. The US has put itself in a very awkward position by politicizing the bank, Wichai pointed out.

"I believe that sooner or later, the US will regret (its current stance against the AIIB), as long as the AIIB strengthens its internal management, transparency and risk control, makes positive contribution to the regional economy and finally grows into a top financial institution," he noted.

In addition, the banker stressed that the AIIB services will complement what the World Bank and Asian Development Bank have to offer."There will be competition, but not confrontation."

"I'm convinced that the AIIB will play a crucial role in the continued growth of the Asian economy,"he said.

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