From Crisis to Hope: ADB Annual Meeting Focuses on Sustaining Asia's Recovery

By Sandra Lodoen, Public Communications Specialist

The 43rd Annual Meeting of the Asian Development Bank (ADB) took place on 1 to 4 May 2010 in Tashkent, Uzbekistan, a city President Kuroda called "a critical link in what was once known as the Silk Route." Tashkent's strategic location brought special emphasis to the concept of wider and deeper regionalism in Asia and the Pacific, while the host country's high rate of economic growth throughout the recent global economic crisis brightly reflected the region's strength and resilience.

"One year ago, we met in crisis. Today, we meet in hope," President Kuroda said at the opening session of the Board of Governors. "And hope, coupled with action, can secure the brighter future to which we all aspire."

The four day event brought together participants from governments, development partners, civil society organizations, academia and the media. With Asia leading the world in recovery from the global crisis, discussions focused on how to underpin the region's recovery for long-term sustainability.

Much of the answer lies in rebalancing the region's sources of growth. "The global crisis brought home to Asia the importance of increasing domestic demand," Mr. Kuroda said at the Governors' seminar on Asian integration and global growth. "While its export focus has served Asia well, over-reliance on the external sector leaves growth vulnerable to external shocks. It also limits the expansion of regional income and thus constrains the quality of life of Asia's citizens."

Seminars held throughout the event gave participants the opportunity to discuss a wide variety of issues. Several of these focused on ADB's key themes of inclusive growth, environmentally sustainable growth and regional integration. Others highlighted challenges in private sector development, reform of the global monetary system and Asia's capital markets. ADB's annual program for civil society included panel discussions on food security and environment and the economic empowerment of women. ADB also presented its latest Development Effectiveness Review, which has become a key tool for monitoring and measuring its development effectiveness.

The meeting provided a venue for the launch of two new ADB publications. A Resilient Asia Amidst Global Financial Crisis provides analyses of the global financial crisis from Asian experts and policy makers, while Institutions for Regionalism presents a road map toward the greater institutionalization of regional cooperation initiatives. ADB also announced the creation of the Asia Solar Energy Initiative to develop large capacity solar projects that will generate some 3,000 MW of solar power by 2012.

ADB governors expressed their ongoing strong support for ADB and the Asia and Pacific region, and emphasized the many challenges the region and the Bank have yet to address. The meeting concluded with President Kuroda thanking governors for sharing their insights and advice.

"The past few days have produced constructive and forward looking debate on a wide variety of issues that currently affect the Asia and Pacific region," Mr. Kuroda said. "With Asia emerging from the crisis, now is the time for critical decisions that will ensure its long-term economic and social progress. Inclusive growth, environmentally sustainable growth, and regional integration are keys to this future."