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For the third time in a decade, Indonesia is hosting an infrastructure summit in an effort to attract critical private investment. The first two summits failed to achieve this objective. Will this attempt, which opens today, be more successful?

That will depend in large part on what is on offer this time. In the past two summits, the government failed to provide the regulatory and fiscal environment to make it feasible for private investors to put their money into much-needed infrastructure projects. The country is in dire need of fast-tracking its infrastructure development if it wants to maintain or increase its economic growth. To its credit, the administration of President Susilo Bambang Yudhoyono seems to have learned from its mistakes and has worked hard to create the right environment.

Infrastructure investments are long-term in nature. Therefore the government needs to ensure that the environment is conducive for the private sector to invest in the country. It must also provide the right fiscal and tax incentives as well as guarantees to make sure this kind of investment, which is much riskier than other ventures, can succeed.

This means having the right regulatory framework, the right contracts and the right financial and guarantee instruments in place. Without these, no investor will risk parking long-term capital in the country. The two previous summits testify to that.

But one major difference this time, compared with the past two summits, is that the government is working with the World Bank and the International Finance Corporation to create investment vehicles to finance these projects and to provide the guarantees that are necessary to mitigate some of the risk.

It is critical for the government to make sure it can get a few projects off the ground as quickly as possible. Success will breed success, and once investors see that private-public partnerships can work in Indonesia, other projects will not take long to follow suit. But in order to ensure that the first projects have a chance to succeed, the government must be flexible and prepared to give the needed incentives.

After two failed attempts, it is hugely important that this time success is measurable in terms of getting projects underway.

Mere commitments are clearly no longer enough. Indonesia cannot afford to be left behind as other major economies in Asia, such as China and India, power ahead. Infrastructure is critical for faster economic development and in creating better and more equitable living conditions for all Indonesians.

This may be the last chance for Indonesia to demonstrate to the world that it not only understands but is ready to do whatever it takes to attract private investment in infrastructure development.