Development challenges facing Asia in the face of global imbalances, India's and South Asia's role in a region that is rapidly integrating, and the Asia and Pacific region's massive infrastructure needs are among the issues expected to figure prominently at the 39th annual meeting of the Asian Development Bank (ADB) starting here on Wednesday. | |
| About 2,500 delegates, including 1,500 members of the international financial community, will gather at the Hyderabad International Convention Centre where the four-day meeting will be held. |
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| A series of seminars that would address issues concerning the financial sector not only in Asia as a region but also in India as a country are being organised. These include seminars on economic capital management, private capital flows and financial market development in Asia. |
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| With ADB's core strategy being combating poverty through infrastructure-led growth, seminars on infrastructure development through public-private partnership and labour market strategies for inclusive growth and sustainable energy development in Asia are also on the agenda. |
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| Given India's globally acknowledged competitiveness in IT and IT-enabled services, a seminar on knowledge-based economies in the 21st century is also being organised. This apart, the meeting will discuss a range of issues, including key trends in the international economy and their implications for Asia. |
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| It may be recalled that ADB has projected that the Asia and Pacific region will achieve an overall economic expansion of 7.2 per cent in 2006 and 7 per cent in 2007, a marginal easing from 7.4 per cent in 2005. |
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| According to finance minister, P Chidambaram, ADB choice of Hyderabad for the meeting is not just a strong recognition of the India's growth story but of the city's emerging pre-eminence as the country's next Silicon Valley. |
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| India, a founder member of the ADB, started borrowing from the bank since 1986. So far, it has borrowed loans worth $14 billion. As per its latest India Country Strategy and Program Update, ADB plans to scale up lending levels to India from an average of around $1.24 billion in recent years to around $2.65 billion by 2008. |
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| Chidambaram stated recently that ADB had been an important partner in India's march to progress and would continue to play an important role in the future. |
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