Asian economy must focus on regional consumers
Tuesday, 4 May 2010
TASHKENT, May 3 (AFP): Asian Development Bank President Haruhiko Kuroda today urged Asia's economies to focus less on exports and more on meeting regional consumer demand, without overlooking environmental concerns.
Haruhiko, addressing the opening of the ADB's board of governor's meeting in Tashkent, outlined the lending institution's plans for regional development, placing a premium on green projects and economic integration.
"Asia should see itself as not only a producer and exporter of its goods and services, but also a consumer. Asia should tap its own large pool of savings for investments within the region," he said.
Speaking alongside Uzbek President Islam Karimov at the opening ceremony of the Manila-based lender's 43rd annual meeting, the first to be held in ex-Soviet Central Asia, Haruhiko urged greater action to combat climate change.
"A hope for a brighter future must be coupled with action for a greener future. We must make every effort to limit further damage to the environment from rapid development," he said.
The ADB has upped its stake in funding for environmentally sustainable projects, he said, raising its investment in them by 50 per cent in 2009 over the previous year.
In line with the bank's core mission, he called for greater regional cooperation and economic integration as a means of combating poverty across the Asia-Pacific region.
"Asia is ready to take the next step to weave the strands of sub-regional efforts into a garland encompassing the region as a whole," he said.
The annual meeting is a political coup for Uzbekistan, the most populous country in this majority-Muslim region, which has long sought to be recognised as a key player in an area plagued by instability and ageing infrastructure.
But the choice of Tashkent as a venue for the prestigious annual conference has raised eyebrows among civil society activists, concerned over Uzbekistan's spotty record on human rights.
Haruhiko, addressing the opening of the ADB's board of governor's meeting in Tashkent, outlined the lending institution's plans for regional development, placing a premium on green projects and economic integration.
"Asia should see itself as not only a producer and exporter of its goods and services, but also a consumer. Asia should tap its own large pool of savings for investments within the region," he said.
Speaking alongside Uzbek President Islam Karimov at the opening ceremony of the Manila-based lender's 43rd annual meeting, the first to be held in ex-Soviet Central Asia, Haruhiko urged greater action to combat climate change.
"A hope for a brighter future must be coupled with action for a greener future. We must make every effort to limit further damage to the environment from rapid development," he said.
The ADB has upped its stake in funding for environmentally sustainable projects, he said, raising its investment in them by 50 per cent in 2009 over the previous year.
In line with the bank's core mission, he called for greater regional cooperation and economic integration as a means of combating poverty across the Asia-Pacific region.
"Asia is ready to take the next step to weave the strands of sub-regional efforts into a garland encompassing the region as a whole," he said.
The annual meeting is a political coup for Uzbekistan, the most populous country in this majority-Muslim region, which has long sought to be recognised as a key player in an area plagued by instability and ageing infrastructure.
But the choice of Tashkent as a venue for the prestigious annual conference has raised eyebrows among civil society activists, concerned over Uzbekistan's spotty record on human rights.