Chongqing - With global interest rates remaining high and external financing risks mounting, Southeast Asia is looking inward, toward its currencies, to drive long-term growth. At the 2025 Land-Sea Economic Forum in Singapore on June 12, Wang Hongwei, CEO of the Credit Guarantee and Investment Facility (CGIF), stated that the region's local bond markets are becoming a "a stabilizing force" amid mounting uncertainty.

"We work within the ASEAN+3 framework," Wang said, referencing the regional cooperation between ASEAN, China, Japan, South Korea, and the Asian Development Bank. "Our focus is mainly on local currency bond markets in Singapore, Thailand, Malaysia, Indonesia, and Vietnam. We support bond issuance in all these markets."

Wang highlighted a landmark case in Cambodia—a 15-year project bond for a solar farm—as an example of how long-term capital can support both sustainability and financial market development. "It's the first project bond in Cambodia, and it was done in cooperation with local banks," he said. "CGIF provided a partial guarantee, which helped enhance the bond's credit rating and bring new entities into the market."

Wang emphasized renewable energy and infrastructure as CGIF's key focus areas, citing their significant financing gaps across ASEAN. The Asian Development Bank estimates that Southeast Asia will require around $2.76 trillion in infrastructure investment by 2030 to maintain its growth trajectory.

"There is a wide recognition that we need to develop energies beyond conventional ones," he said. "But they require long-term financing, and CGIF is well equipped to provide that."

He added, "Most of ASEAN consists of emerging markets. That means the demand for infrastructure is huge. The challenge isn't just the size of financing- it's also the long tenor required. On both points, CGIF is ready to contribute."

Looking ahead, Wang emphasized CGIF's commitment to supporting first-time bond issuers, helping companies establish credit records and build long-term access to capital. Sectoral priorities vary by country: "In the Singapore Dollar market, healthcare, education, and utilities are promising. In Indonesia and Malaysia, renewable energy and infrastructure are key areas."

Wang described the forum as timely, calling attention to China's continued opening and ASEAN's growing global outreach. "Together, these trends can promote not just economic growth, but regional stability in an uncertain world.

(Huan Ran, as an intern, also contributed to the report.)