Catalog

	Table of Contents
p. 27 of 29 BACK | NEXT Executive Summary I. Introduction II. Development Challenges III. Key Variables Influencing Development IV. External Assistance V. Review of ADB Assistance and Strategy VI. The New Pacific Strategy A. Broad Strategic Objectives of ADB B. Supporting Strategic Objectives C. Subregional Focus of the Strategy D. Regional Cooperation E. Operational Modalities F. Resource Requirements

A Pacific Strategy for the New Millennium : VI. The New Pacific Strategy

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D. Regional Cooperation

97. Regional Cooperation. In close partnership with regional organizations and other development partners, concerns shared by most Pacific DMCs will be addressed. The PDMCs stand to gain substantially by cooperating on a regional basis to collectively reap the benefits of economies of scale in both private and public activities. ADB has been promoting subregional cooperation mostly through its regional TA activities. Areas identified as high priority for cooperation by the PDMCs that will be the focus of ADB efforts over the next three years, include the following.

98. Fisheries. Fish are one of the most important natural renewable resource of the Pacific countries. Therefore the PDMCs must cooperate in establishing a common management framework for the sustainable management of this resource. In addition, regional cooperation can help them strengthen each other’s capacities to better exploit this still underutilized resource. ADB is already engaged in such assistance and will continue over the next few years.

99. Airline and Airspace Management. Given the remoteness of some PDMCs, airline links become vital from an economic point of view. While private investment in such air links is sometimes nonviable, public investment can be a potential drain on the public purse. Hence there is need for the PDMCs to work together on collaborative arrangements that allow economic viability, mutual benefit, and efficiency. ADB is currently encouraging negotiation between some PDMCs in this area.

100. Regional Stock Exchanges. The economies of a number of the PDMCs are so small that they are inadequate to support an indigenous capital market. Only PNG and the Fiji Islands have their own stock exchanges, and these remain relatively small. Yet, promoting capital investment in the region is critical to the growth of these economies. ADB is investigating the possibility of linking the stock exchanges in PNG and the Fiji Islands, and expanding this linkage through the Internet to smaller PDMCs.

101. Public Sector Management. ADB is already working with the ADB Institute on a Public Sector Executive Management Program wherein senior public servants get the opportunity to work together and share experiences with public sector reform in their countries. ADB also supports the Pacific Technical Assistance Center in association with the International Monetary Fund, with the objective of providing ongoing TA to the PDMCs in the areas of fiscal management and public sector reform. Further opportunities in this area of exchange will be explored.

102. Governance and Money Laundering. ADB continues to support efforts in judicial training in the Pacific. Phase 1 of this program is ongoing and will be followed up with a phase 2. The intention is to provide judges in the region with an opportunity to upgrade their knowledge and access to judicial information. In addition to this initiative, ADB is also providing assistance to address money laundering in the region. This has now become a major international issue. Some PDMCs have been involved in suspect practices with respect to protecting such money laundering. However, they have all now disavowed such support. The TA will assist them to work with international agencies to restructure their financial regulations to eliminate provisions that protect money laundering.

103. In addition to these regional cooperation initiatives, regional studies are being undertaken to assess poverty in the Pacific region and analyze financial sector issues and strategies.

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