20/09/2014 11:04 GMT+7 Email Print Like 0

Asian nations move to build poverty-free region

Hanoi, September 19 (VNA)- The fifth Asian Development Forum (ADF 5) themed “challenges and strategies for sustainble growth in Asia” took place in Hanoi on September 19, bringing together about 100 representatives from governments and international organisations inside and outside the region.

Jointly organised by the Governments of Vietnam, Japan and the Republic of Korea, the event provided an opportunity for countries in the region to share their experience in economic restructuring and institutional capacity building.

Addressing the forum, Minister of Planning and Investment Bui Quang Vinh said Vietnam has fulfilled most of the United Nations’ Millennium Development Goals. However, if the country fails to restructure its economy and reorient its development path, it will face the risk of being stuck in the middle-income trap.

Vietnam needs to launch new development initiatives, Vinh said, noting that the Vietnamese Government has devised plans to restructure the economy and improve competitiveness based on increasing labour productivity and applying scientific-technological advances.

He also highlighted the importance of fully capturing the potential of human resources and institutional capacity to boost economic growth and sustainable development in each country, adding that Vietnam’s economy is undergoing a restructuring process in line with this vision.

With a view to building a poverty-free region, Takehiko Nakao, President of the Asian Development Bank (ADB) affirmed that his bank will help Asian countries overcome their challenges, particularly by developing infrastructure and institutional capacity, thus also fostering regional links and integration.

Participants focused their discussions on how to avoid the middle income trap through developing infrastructure networks, institutional capacity and human resources, and the mobilisation of financial resources for sustainable development.

They also emphasised the necessity to promote a global partnership involving developed and developing countries, development organisations, bilateral and multilateral financial institutions, legislative bodies, local authorities, the private sector, and bilateral donors and multilateral banks, in a bid to create a poverty-free region in the near future.