Economic development no longer purely national issue: Aussie deputy PM

Australia's Deputy Prime Minister Warren Truss congratulated on Friday the Boao Forum for Asia Sydney Conference, saying the task is now up to the delegates and business leaders to narrow the gap between aspiration and execution.

"In a globalized world, economic development is no longer purely a national issue. In fact it never was," Truss said in his keynote speech, closing the Boao Forum for Asia conference in Sydney.

Over Thursday and Friday, the conference engaged with issues of strategic importance facing nations of the Asia-Pacific region, including infrastructure investment, food security and agricultural development as well as bilateral financial engagement.

Truss told the audience that these strategic issues define the terrain in which nations and international partnerships have to navigate to advance economic growth and prosperity, acknowledging Australia needs to re-look at the way it finances infrastructure.

"Infrastructure projects are expensive, and their long life means there must be as future proof as possible," Truss said.

"While views on how we should best finance infrastructure differ across the board, the emergence of the public private model reflects a common finding.

"Government funding alone is not enough to meet future infrastructure needs."

The conference heard on Thursday it was up to aspirational entrepreneurs to come up with plans that are worthy of investment, while managing risk.

All conferences leaders acknowledged the work of all countries in the Asian region for establishing the significant trade deals that are likely to shape the region.

Truss said Australia considers itself fortunate to be apart of the Asian region during this juncture in history. Endi