Asian integration and global development considered

UzA, Anna Ivanova, 3 May 2010, 11:30

“Asian integration and global development” was the topic of ADB governors’ seminar, held in the framework of the bank’s 43rd annual meeting in Tashkent.

ADB governors from different countries discussed the possibility of accelerating the integration processes in the Asia-Pacific region, which are important not only to fully overcome the effects of the global financial crisis, but also to enhance capacity building in the post-crisis period.

The global crisis has demonstrated the importance of creating a new financial architecture, developing domestic markets and expanding economic integration, which creates mutual benefit, said ADB President Haruhiko Kuroda. Last year, despite the global crisis, Asian countries showed economic growth. Today, leaders of the region should develop policies that will promote diversity of national markets, and determine the most effective ways of development in the framework of G20.

In Uzbekistan, economic progress is based on comprehensive modernization, with focus on increasing capacity of all economic sectors and the social sphere, as well as expansion of regional cooperation, Deputy Prime Minister of Uzbekistan, ADB Governor for Uzbekistan Rustam Azimov said. The countries of Asia are contributing greatly to the global economy. At the same time, there is vulnerability of Asian markets, therefore measures are needed to strengthen Asian countries’ banking and financial sector and harmonize issues that relate to global system.

According to forecasts, by 2050 up to 50 percent of total world production will be concentrated in Asia, it was noted at the seminar. This is why Asian countries should strengthen their integration in industry, trade, finance, in order to make their economies more competitive on world markets. To achieve these goals, coordinated action by governments is required. The global crisis has shown that countries must be willing to change, to further study the structure of demand and consumption, to facilitate the establishment of free trade zones and logistic centers, and to strengthen financial cooperation.

It was stressed that the ADB plays an important role in enhancing the integration processes in the region, financing key projects that are important for growth of national capacity and strengthening regional cooperation. In accordance with its objectives, the ADB annually increases the volume of its support, which in turn helps sustainable development in the region and the world at large.

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