PHNOM PENH, May 11 (Xinhua) -- President of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun said here on Thursday that infrastructure development is crucial to boost socio-economic development in developing countries.

"We believe that infrastructure is very important for the emerging economies in their efforts to move to the upper middle income countries and improve the livelihood of people," he said at a press conference ahead of the World Economic Forum on ASEAN (Association of Southeast Asian Nations) in Phnom Penh.

Jin said the AIIB's mission is to promote broad-based economic and social development through investment in infrastructure.

Jin said ASEAN was the first group of countries which participated in the establishment of the AIIB, and the bank is ready to support connectivity infrastructure development in ASEAN and between ASEAN and other neighboring countries.

"We believe that our efforts to promote the investment in infrastructure and other production sectors will create great opportunities, particularly for the young people in Cambodia and in the region."

Jin reiterated that the establishment of AIIB is not to compete with the World Bank or the Asian Development Bank but to meet the need of capital for infrastructure development in developing countries.

"It is certainly a misconception to think that the establishment of AIIB is to create a rival to the World Bank or the Asian Development Bank," he said. "Currently, the size of Asian economies is much bigger and the demand for infrastructure investment and other private sectors is huge, so it may not be possible for one or two institutions to meet the need in this region."

He said that currently, the cooperation among AIIB, the World Bank and the Asian Development Bank is very good.