Catalog

Overview: Pioneering Role

Main speakers stress the need for greater regional cooperation in Asia and the Pacific

By Ian Gill (igill@adb.org)
Principal External Relations Officer

The three speakers at the opening ceremony of ADB’s 35th Annual Meeting of the Board of Governors all stressed the need for greater regional cooperation.

ADB President Tadao Chino highlighted regional cooperation as one of the three major challenges facing the region today, along with reducing poverty and addressing environmental degradation.

He said, “Regional cooperation is essential for ADB’s developing member countries to integrate into the world economy and to share in the benefits of growth.” He added, the “Asian experience also shows that regional cooperation can be a powerful means to minimize the risks of globalization.”

Mr. Chino cited as a good example of risk management through regional cooperation ADB’s support for regional information exchange and economic surveillance within ASEAN and ASEAN+3.

At the subregional level, Mr. Chino noted, ADB is supporting several initiatives, including the Greater Mekong Subregion program, the South Asia Subregional Economic Cooperation program, and the Central Asian Regional Economic Cooperation program. ADB is also promoting regional cooperation in the Pacific.

People’s Republic of China President Jiang Zemin also gave strong support to regional cooperation.

President Jiang said, “PRC appreciates the tremendous job the Asian Development Bank has done in facilitating regional efforts to remove poverty and the significant results it has achieved in promoting subregional economic cooperation in Asia.”

He said it was “gratifying” that regional cooperation in Asia has been growing ever stronger in recent years. With the establishment of such cooperation mechanisms as the Asia-Pacific Economic Cooperation, East Asian Cooperation, Shanghai Cooperation Organization, and others, “an open, healthy, and mutually beneficial cooperation pattern has taken shape,” he said.

PRC Minister of Finance Xiang Huaicheng noted that the recent United Nations International Conference on Financing for Development in Monterrey, Mexico, called on multilateral development banks to facilitate regional cooperation and, he said, “ADB, as a pioneer in this regard, can be proud of its contribution.” He noted that “virtually every subregion in Asia and the Pacific has a cooperation program that ADB has initiated or supports, and the PRC is an active participant in the Greater Mekong Subregion and Central Asia initiatives.”

The Annual Meeting attracted a record 2,800 participants—a big increase over the previous record of 2,300 at Chiang Mai, Thailand, in 2000. Much of the rise was due to a large number of private sector participants, including many bankers seeking to assist the PRC with its significant financing requirements.

During the business sessions, ADB Governors noted that the world economy was in a modest recovery from the synchronized slowdown of 2001, and that the regional economy is showing resilience. In fact, many developing member countries are achieving economic recovery faster than expected. However, Governors cautioned that this did not mean that all development issues have been resolved. DMCs still need to accelerate policy and structural reforms; invest in human resources, including information technology-related capacity building; empower women; and vigorously pursue good governance efforts.

Governors expressed satisfaction that ADB is effectively implementing its poverty reduction strategy. In this context, the additional resources provided by some donors were highly appreciated. They also emphasized the role of trade in stimulating growth and reducing poverty, and highlighted the need to increase private sector participation in this process.

ADB Governors also welcomed the reorganized structure of ADB’s operational departments for the effective implementation of its Long-Term Strategic Framework, Medium-Term Strategy, and strategy for Pacific operations. They hoped the integration of ADB’s programming and project processing functions would enable more effective implementation of country programs and ensure more accountability for results and greater gender equity in the workplace.

Governors were also receptive to new ADB policies on private sector operations, social protection, water, and information and communication technology, and more competitive loan products. They welcomed ADB’s contribution to the reconstruction of Afghanistan and noted with satisfaction ADB’s lead role in the international effort to support the country and its neighbors in Central Asia. ADB’s efforts to counter environmental degradation were also appreciated by Governors.

Governors noted that ADB was reviewing its Inspection Function, saying this should strengthen its credibility and effectiveness. They also welcomed the establishment of the NGO Center and said ADB will ensure the Center significantly enhances its dialogue with civil society.

The Annual Meeting was preceded by several seminars on topical subjects. The 36th Annual Meeting in 2003 will be held in Istanbul, Turkey.

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