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SINGAPORE, Sep 22 (Reuters) Asia is raising transport costs and damaging the competitiveness of China and other countries by not investing enough in infrastructure, the Financial Times reported citing an Asian Development Bank paper.

In a draft discussion paper to be presented in Jakarta on Friday by ADB president Haruhiko Kuroda, the ADB warns that Asia needs $3,000 billion -- or $300 billion a year -- in infrastructure investment over the next decade, the newspaper reported.

Kuroda told the FT that heavy investment in infrastructure was crucial if Asia was to facilitate further growth. The report says that ''despite huge opportunities and large needs'', Asian governments are failing to provide enough ''bankable'' projects to private investors to ensure that infrastructure projects succeed.

Reuters DKS VP0640