Manila, Nov 13, 2006 AEST (ABN Newswire) - Asian Development Bank (ASX: ATB) reaffirmed its commitment to private sector development reform in the Pacific Islands at the Pacific Region Investment Conference in Manila last week.
Speaking at the conference, Director General of ADB's Pacific Department Philip Erquiaga identified "the need to achieve sustainable economic growth and prosperity" as a common challenge the region is facing. During his presentation, Mr. Erquiaga identified some of the issues impeding economic growth in the Pacific.
"Economic growth in the islands has not been sufficient to generate the jobs required to absorb the young people entering the labor market," Mr. Erquiaga said. "Economic growth has not been enough to give people access to basic social services. As Pacific populations increase, poverty is a growing reality for many."
ADB supports promoting private sector engagement as a way of closing the gap between investment needs and the resources available. "In the Pacific, the challenges of small, remote markets can to some extent be compensated by smart policy choices," he added.
Private sector development is a main pillar of ADB's Pacific Strategy 2005-2009. As a result of its private sector assessment work conducted in the Pacific, ADB recommends, improving the performance of public enterprises; finding better ways to build, operate, and maintain infrastructure, increasing access to finance opportunities; and providing secure property rights and reforming legal systems.
"Reform in these areas is needed to reduce the costs of doing business to increase competition, investment, and economic growth," Mr. Erquiaga told conference participants.
At the conference, Mr Erquiaga noted private sector development success stories in the region, including the successful partnership between Samoa's Polynesian Airline with Virgin Blue, which has resulted in better service and lower airfares for Samoan travelers and tourists alike. "Similarly, increased competition in Samoa's telecommunications sector has been rewarding for clients," he added.
The conference was told that ADB plans to scale up its assistance toward improving the business environment in the Pacific Islands by providing expert technical advice, developing local capacities, and improving communication of reform issues and strategies.
Contact
Sally Shute-Trembath
Email: sshute-trembath@adb.org
Tel:+61 2 8270-9444
Jason Rush
Email: jrush@adb.org
Tel:+632 632 6480; Mobile: +63 920 938 6490
| ||
|
