SINGAPORE, April 26 (Xinhua) -- Singapore's Prime Minister Lee Hsien Loong on Thursday announced the setting up of a fund to promote exchanges among the region's youth.

    The Singapore government will set aside 5 million Singapore dollars (about 3.3 million U.S. dollars) to the Singapore-ASEAN (the Association of Southeast Asian Nations) Youth Fund for youth-related projects, Lee announced at the opening of the 5th ASEAN Ministerial Meeting on Youth.

    The fund "will support activities for youth between 15 and 35 years old. It will fund ASEAN youth expeditions, youth exchanges, community projects, leadership-building programs, seminars, and a whole range of other activities," said the prime minister.

    He also referred to the future challenge facing ASEAN, which turns 40 years old this year.

    "The challenges confronting ASEAN are growing. Trans-border problems such as haze and avian flu demand closer regional cooperation," he said.

    He urged the ten member countries to strengthen the bonds within the bloc, trying to form an ASEAN Community by 2015, five years sooner than the original target.

    He also emphasized the importance of forging strong links with ASEAN's partners. He hailed the growing cooperation on youth issues with ASEAN Plus three partners -- China, Japan and Republic of Korea, saying it will contribute to ASEAN's efforts to build the East Asian community.

    At the same time, he said ASEAN must continue to strengthen its longstanding relations with partners outside the region, such as the United States and Europe.

    "All these links will enable ASEAN to thrive as a center in Asia and a key node in the global grid," he said.

    In August, it will be Singapore's turn to take on the ASEAN chairmanship. Singapore is planning a slate of commemorative events to mark the 40th anniversary, including the East Asia Summit in November.

    The ministerial meeting on youth, which has been held since 1992, is a platform for ASEAN youth ministers to establish ties, set strategic direction and develop joint initiatives for youth in ASEAN.

    The theme of this year's four-day event is Creating Our Future Together.