of life. The strategic objectives and initiatives for sustainable infrastructure are outlined in Exhibit 10. Exhibit 10 Sustainable infrastructure What are the What are the strategic objectives? 1 Increase public and private key initiatives? 1 Establish a rolling priority 2 Significantly enhance the evaluation and sharing of best practices on infrastructure productivity in ASEAN 2 Establish an ASEAN platform to measure and improve infrastructure productivity 3 Increase the deployment of smart urbanisation models across ASEAN 3 Develop sustainable urbanisation strategies in ASEAN cities infrastructure investment in each ASEAN Member State, as needed pipeline list of potential ASEAN infrastructure projects and sources of funds Strategic Objectives: 9. Increase public and private infrastructure investment in each ASEAN Member State, as needed. Following the Asia Financial Crisis of 1997–98, a significant infrastructure deficit emerged as ASEAN Member States sought to rein in current account deficits and capital account flows. As a result, investment as a share of GDP has not returned to pre-1997 levels in most ASEAN economies. Although both private and government infrastructure investment have been ramping up in recent years, given the scale of infrastructure needs across ASEAN, there remains a large challenge ahead. A minimum aspiration could be for private sector infrastructure spending to surpass pre-Asia Financial Crisis levels (Exhibit 11). 44 MASTER PLAN ON ASEAN CONNECTIVITY 2025