Growth in Asia and the Pacific has been more robust than expected
after the global crisis, and must be sustained for the region to reduce poverty
and increase prosperity, Asian Development Bank (ADB) president Takehiko Nakao
said in his first address to the ADB Board of Governors.
“Asia is making the transition to growth led by domestic and
regional demand,” he said. “But Asia cannot be complacent. To achieve
sustainable growth, I believe Asia must become more innovative, more inclusive,
and more integrated.”
The new ADB president emphasised the need for an enabling
environment in which the private sector can grow, innovate, and create jobs.
Critical elements include conducive regulatory systems, support for start-ups,
broad-based financial systems, and infrastructure development. Governments must
also invest more in their people, providing vocational and tertiary education,
and accessible, cost-effective health services.
“All of these must be underpinned by good governance,” Nakao said,
adding that the rule of law and its just implementation, accountability, and
protection of property rights are essential in building a better a climate for
investment and innovation.
With more than 800 million people in the Asia-Pacific still living
in absolute poverty, the region has to address rising inequality, he noted. For
the region’s growth to be sustainable, it also needs to be inclusive, requiring
the region to address issues like income inequality, access to good education
and health services, gender equity, and provision of social safety nets.
“Inclusive growth is ultimately an issue of empowerment,” he said,
adding that empowerment is not just a means of development, but should also be
a primary objective of development.
More can be done toward creating a truly integrated Asia, the ADB
president noted, pointing to the success of the Greater Mekong subregion,
Central Asia, and South Asia in connecting transport and energy networks, and
the potential for improved ICT connectivity to integrate isolated Pacific
island economies into the Asia and Pacific region.
“The re-engagement of Myanmar presents a great opportunity for
deepening integration, with the promise of substantial gains for Asia and the
world as a whole,” he said, noting that Asia’s growth in the world economy
brings with it a new responsibility – the responsibility to contribute to
solving global issues like climate change and the post-2015 Millennium
Development Goals (MDGs) agenda.
In considering ADB’s role in the region, Nakao highlighted the
need for finance, leverage, and knowledge to better meet the region’s needs. He
committed ADB to step up efforts to leverage bilateral official sources of
finance, private sector finance, and public-private partnerships, and to
combine finances more closely together with development knowledge.
The president also announced the initiation of a mid-term review
of Strategy 2020 “based on the progress of its implementation, and also on
developments in Asia since its adoption in 2008.” He said ADB will also
consider a long-term strategic vision for the Asian Development Fund in line
with the region’s changing needs.
While the general capital increase in 2009 and successful ADF
replenishments have strengthened ADB’s financial resources, the President noted
that ADB must “continue examining how we can secure the resource base needed in
order to continue to pursue our objectives well.”
Nakao closed his address by saying that “Perhaps what matters most
is ADB’s performance and the results it achieves. I will place the highest
priority on outcomes to ensure we respond to the region’s needs as efficiently
and effectively as possible.”
“ADB is fortunate to have a diverse staff of
talented, professional, and determined women and men,” he said, adding that he intends
to promote the potential of all our staff through a proactive talent management
process.
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