ADB President highlights importance of developing connections to build “greener, more open economies”

Masatsugu Asakawa, the President of the Asian Development Bank, on Saturday highlighted the importance of developing connections around the world “to build greener and more open economies”.

In his address at the opening session of the 57th annual meeting of the ADB in Tbilisi, Asakawa said free trade and free movement, which had benefited Asia for decades, “must be the way forward” amid the current geopolitical tensions and conflicts.

Let me stress that our bridge to the future cannot leave behind those with the greatest need”, he pointed out, stressing Georgia’s, as a donor country, first-ever contribution, to the Asian Development Bank’s $5 billion fund would be used to support the poorest and most vulnerable populations, facing the “heaviest burdens” from climate change, economic shocks, and conflict.

The ADB President expressed his gratitude to Georgia, noting “it makes a difference [...] our bridge to the future must be one that is inclusive in this way. No one should be denied the benefits of development because of barriers to obtaining financing”.

In his address, Asakawa also spoke about the impact and “threat of climate change” on the world and emphasised the importance of finding ways to decarbonise global supply chains, adding “now is the time to act to reduce global value chain-related emissions for a more sustainable future”

He discussed the need to harness digital technology, including artificial intelligence, and ensure its “careful and equitable use” for inclusive growth.

Asakawa thanked the Georgian side, including Lasha Khutsishvili, the  Finance Minister and Governor for the country in the Asian Development Bank, for hosting the ADB’s annual meeting.