Asia must guard against risks coming from developed world: ADB

MANILA: Emerging Asian economies need to guard against the impact of problems emanating from the developed world, ADB President Haruhiko Kuroda said.

"The growth in the (Asian) region remains strong, there are near-term risks that must be guarded against - such as those stemming from difficulties in the more advance countries," he said while addressing a press conference at the conclusion of the 45th annual meeting of the Asian Development Bank (ADB).

While there are many challenges, he said, "the region's fundamentals are strong. It's continued strong growth in the aftermath of the global crises bodes well for the future. With continued international support... Asia will continue to build on its economic and social achievement, and this will benefit the world as a whole".

ADB chief's statement comes at a time when euro zone nations are passing through sovereign debt crisis and the world is reeling under high prices of commodities including crude oil.

Asia, Kuroda added, has an unprecedented opportunity to chart a new course and provide a better life for its people and also contribute to global growth and their well being.

"Asia needs to also recognise the critical importance of knowledge-led growth. How Asia manages these challenges will have a significant impact on future growth and stability", the ADB chief said.

Kuroda further said that replenishment of the Asian Development Fund by $12.4 billion for the next four years would help in fighting poverty in nations of Asia and the Pacific region.

He wanted the member countries to "work for more inclusive, green and knowledge-led growth through cooperation and integration".

ADB, he added, would endeavour to increase resilience, stability and prosperity, and spread the benefits of growth more widely within and among the countries of Asia and the Pacific.

The four-day annual conference of the ADB was attended by over 5,000 participants. India will host the next annual meeting of the multilateral lending agency at Greater Noida in India.