AIIB not a 'threat', can cooperate to finance large investment needs in Asia: ADB chief Nakao

China-led AIIB is not a "threat" to the Asian Development Bank and both the institutions can cooperate to meet the large investment needs across Asia, ADB President Takehiko Nakao said today.

Speaking at a news conference to kick-start the bank's annual meeting, Nakao said the ongoing trade dispute between countries is a matter of "concern" and "utmost efforts" should be made to keep economies open in terms of trade and investment.

With the Manila-based multilateral lender developing a long-term strategy- 'Strategy 2030'- to deal with the changing dynamics in the way Asian countries need finances and assistance to come out of poverty, Nakao said the new strategy would focus on gender and climate change issues as well as involvement of private sector in funding needs.

Asked if Strategy 2030 is being developed on account of growing Chinese dominance in the region as well as aggressive lending by Asian Infrastructure Investment Bank (AIIB), Nakao said, "China is becoming a very important player in international community as a lender and as a borrower from us. But it is not the motivation for starting Strategy 2030.

"We are forming the strategy because of so many new developments in Asia. We have COP-21, sustainable development goals, there is observation that we might have more severe kind of phenomenon due to climate change issues and must address those. So there are many reasons to review our strategy."