04 May 2010

TASHKENT, UZBEKISTAN – UNICON participates in the 43rd Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in Tashkent, Uzbekistan.

Some 3,000 participants, including heads of state, central bank governors and finance ministers, have flocked to the Uzbek capital Tashkent from among the development bank's 67 member nations.

While Asia's developing economies are well on the road to recovery from the effects of the global financial crisis, ADB President Haruhiko Kuroda told reporters that serious obstacles remain to long-term sustainable growth.

"While many challenges remain, we believe that recovery has taken firm hold," he said.

"The big challenge now is to make the recovery sustainable over the long term.... Far too many of the region's people remain poor and without access to essential public services and economic opportunities," he added.

Kuroda also urged Beijing to loosen its grip on its currency, echoing comments made last month by ADB's China country director, saying a more flexible exchange rate would benefit China as well as the region.

Although the Annual Meeting is the 43rd of its kind, it is the first to be held in ex-Soviet Central Asia, a major recipient of ADB investment in the nearly two decades since the collapse of the Soviet Union.

Rich in gold and uranium, Uzbekistan, the most populous country in this majority-Muslim region, has long sought to be recognized as a key political player in an area plagued by instability and ageing infrastructure.

While neighbors Kazakhstan and Turkmenistan have profited heavily from opening up their considerable reserves of natural resources to foreign investment, Uzbekistan has charted a more cautious course since independence. Now, as the last country in the region with largely untapped natural riches, Uzbekistan is being eyed with increasing interest by Western investors, said Ana Jelenkovic, a London-based analyst with think-tank Eurasia Group.

Holding the Annual Conference in Uzbekistan "reflects growing interest from foreign investors", including the ADB, she said.