Opening of the Relocated ERO
Opening Remarks by
Young-Hoi Lee
Managing Director General
Asian Development Bank
Frankfurt, Germany
15 October 2004
Dear Friends and Colleagues,
Ladies and Gentlemen,
It is a great pleasure to welcome all of you to the opening of the new Asian Development Bank's European Representative Office (ERO) here in Frankfurt.
On behalf of the President and Management of ADB, I would like to offer our thanks and appreciation for the strong and lasting support your agencies have extended to ERO and ADB. I would also like to express our deep appreciation for the very generous contribution of the Government of Germany to ADB. To our host, the City of Frankfurt, many thanks for the warm hospitality extended to ERO and ADB's missions since the establishment of the ERO in 1996.
As you know, ADB is the biggest regional development bank in Asia, owned by 63 member countries, including 16 European member countries. Since its establishment in 1966, ADB has evolved from having a narrow focus on project financing to taking a much broader and more comprehensive role in such areas as sector development, country strategies and integrated service to developing member countries. In 1999, ADB adopted poverty reduction as its overarching goal.
And, through our new Reform Agenda, we are realigning all our processes to maximize our development effectiveness and achieve our goal of a poverty-free Asia and Pacific.
Just to give you a snapshot of our current operations:
ADB has about 2000 staff, including about 800 internationally recruited professional staff, situated at our Headquarters in Manila, our 20 Resident Missions and our 3 Regional Representative Offices.
ADB lends about $ 5 billion annually to Developing Member Countries or DMCs. To the poorer DMCs, ADB provides concessional loans through the Asian Development Fund with longer maturity and a high grant element.
And, we provide grants for technical assistance totaling about US $ 170 million.
In addition to loans and technical assistance, ADB is working hard to facilitate partnerships within and among regions and sectors of Asia, and between Asia and the rest of the world. Because of our strategic location and knowledge of Asia, ADB is uniquely positioned to provide assistance to both developing member countries and those who have an interest in capturing opportunities in Asia.
Our office here in Frankfurt is the focal point for our 16 European member countries, for multilateral organizations situated in Europe, for academics and media, and virtually all parties with an interest in the Asia Pacific region and its development.
ADB is committed to ongoing consultation and communication with our stakeholders on a wide variety of issues and initiatives. Therefore, our ERO plays a critical role by enhancing public awareness, promoting resource mobilization, coordinating and cooperating with the UN and other multilateral organizations keeping ADB informed of the views, concerns, and interests of the European constituency regarding ADB and the Asia Pacific.
Under the leadership of Resident Director General Yuejiao Zhang, together, the ERO team has been very pro-active in this respect. Regular Asia fora, business opportunity seminars and a variety of special topic seminars are held in Frankfurt and across Europe to increase understanding of the challenges and opportunities that exist in Asia today.
I would encourage you to visit the ERO website and subscribe to its newsletter in order to receive the latest information on ADB activities in Europe.
Ladies and gentlemen, the relationship between Asia and Europe is continually growing. Europe is the second largest trade and investment partner for Asia, and Asia is becoming the second most important international market for Europe. Asia is the most dynamic and fastest GDP growth region in the world, and home to three fifths of the world's population, offering huge market opportunities for European products and services. For example, the People's Republic of China, which has experienced rapid growth in recent years, is home to a growing middle class and a high demand for products and services.
Through the European Representative Office, ADB will continue to nurture this important relationship, and to serve as a reliable source of assistance and partnership for your activities in Asia.
Let me congratulate Director General Zhang and her team on their important contributions to building a strong and mutually beneficial relationship between Europe and Asia, and on the successful relocation of the ERO. May this better and larger facility be a place of pleasure and productive work for all of you in the years to come.
Ladies and Gentlemen. Before I close, I would like to announce that our Madam Zhang here is retiring the Bank as Regional Director General this month. Madam Zhang joined ADB's senior staff on October 1998 after a long and distinguished career in the PRC Government, where she was highly respected as an international lawyer and senior official at PRC Ministry of Foreign Trade and Economic Cooperation.
In ADB, she took several important positions such as Assistant General Counsel and Deputy Director General of the Mekong Department. And, since Madam Zhang was appointed to head this European Representative Office of ADB in January 2003, she assumed the appointment with enthusiasm, and she has been working proactively to raise the profile of ADB through intensified public relations work. The European community witnessed an effective brand of Asian woman diplomacy in the person of Madam Zhang. To paraphrase the words of ERO staff, Madam Zhang brought Asia to Europe.
We have no doubt, Madam Zhang, that you will continue to lead an active and fruitful life-both professionally and personally, after you leave ADB. Please accept our appreciation and gratitude for your six years of dedicated service to ADB. We wish you all the best for the future. Thank you.
Thank you all again for coming, and I wish you all the best. Toast !
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