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“Sustained, rapid growth is fundamental to achieving the shared vision of a region free of poverty,” he said. But growth alone was not enough. “I see us moving into a new era of development—more interdependent, more integrated, and more inclusive,” he said. “An era where nobody is left behind. Recognizing that what benefits one can benefit all, countries in developing Asia are pursuing regional cooperation.”

The issue of Asian regional integration was arguably the external issue that loomed largest during the week, especially given Mr. Kuroda’s recognized expertise on the issue. Generating much press excitement therefore were measures to strengthen financial cooperation announced by the 13 Association of Southeast Asian Nations (ASEAN)+3 Finance Ministers, who held a meeting on the sidelines. In a further indication of moves toward growing integration in the region, there was also an inaugural informal meeting of South Asian Financial Ministers in Istanbul, and a meeting of Pacific governors of ADB.

Regional economic integration was also a theme taken up by the Governors’ Seminar and Turkey Day presentations, among a high-level series held over 5 days. Other seminars tackled such issues as Asia’s capital markets, the role of local credit rating agencies, the region’s economic outlook, Central Asian infrastructure, and “Financing the City.”

Official events during the week included a program for representatives of nongovernment organizations, such as panel debates, an open forum, and meeting with the ADB President and ADB senior staff. In between a busy schedule of business sessions, seminars, and side events, Mr. Kuroda also held a series of bilateral meetings with delegations to enhance relations with ADB members.

Away from official business, the Turkish Government and people of Istanbul proved themselves gracious hosts. Highlights included the official reception hosted by the Government amid the splendor of the 19th century Dolmabahce Palace. The organizers also staged a spectacular cultural event, Fire of Anatolia, a traditional and modern mix of dance and music from different regions of Turkey. Following the show, Turkish Prime Minister Recep Tayyip Erdogan gave a speech on Turkey’s growth and prospects, and its relationship with ADB. “We must spread the light rising from Asia, and share and adopt the problems and sufferings of Asia as well as its prosperity,” he said.

During the official business sessions, Governors mirrored Mr. Babacan’s sentiments in expressing their strong appreciation to ADB for its leadership role and quick response in addressing the aftermath of the tsunami. They requested ADB to work with development partners to ensure integrity in the use of funds and to monitor the effectiveness of operations financed by ADB’s Asian Tsunami Fund.

They, too, noted that developing Asia had entered a new era of development characterized by dynamic growth, increased interdependence, and an unprecedented prominence in the global economy. Governors stressed the urgency of addressing Asia’s large infrastructure needs, ensuring inclusive economic growth, and promoting good governance. They also noted the critical importance of the private sector as an “engine for growth” in the region.

In the context of these broad regional challenges, Governors urged ADB to increase its promotion and leadership of regional cooperation and economic integration; strengthen its ordinary capital resources and increase the quality of its financial assistance; and work with governments, development partners, and the private sector to meet priority infrastructure investment needs.

“ADB is firmly committed to reducing poverty and achieving the Millennium Development Goals in Asia and the Pacific,” President Kuroda told the Governors in his closing remarks. “In this new era, ADB must become a more relevant, more responsive, and more resultsoriented institution, serving the interests of all shareholders.”

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