Economic cooperation and integration will deepen and be a key pillar of Asia's development strategy, the head of the Asian Development Bank (ADB) Haruhiko Kuroda said Monday.
Addressing a conference here on "European and Asian Integration: Achievements and Challenges," Kuroda said while Asia lacks a grand plan for regionalism as Europe, the European Commission (EC) and the ADB can work together to add value to economic integration and regional cooperation.
Asia can learn important lessons from Europe, but will follow its own distinct model, he added.
The conference was the first of its type to strengthen cooperation with Asian countries in the framework of the Asia-Europe Meeting (ASEM) process.
In addition, Kuroda said Asia would be affected by a slowdown in global growth, but the region's exports remain robust and domestic demand is on the upswing.
He also warned that inflation, spurred by high energy and food prices, and continued capital inflows would limit policy options for monetary authorities.
One of Asia's challenges is to manage its growing exposure to external shocks and create an environment in which regional links can continue to deepen, the ADB head said.
Asia's emerging regionalism and dialogues would help prosper not only Asia but the global economy, Kuroda said.
Source:Xinhua
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