The primary objective for Asia and the Pacific should therefore be to reduce poverty, and to improve the quality of life of all people in this region. This is why we at ADB have made poverty reduction as our over-arching goal. We recognize that reducing poverty is a multi-dimensional task. Let me mention several major challenges facing Asia. The first challenge is that of attaining pro-poor, sustainable economic growth.
Economic growth can reduce poverty by generating employment and incomes.
Growth can also expand public revenues that can be used for better basic infrastructure and social services, which the poor desperately need. Growth can lift many more people out of poverty if it is pro-poor and sustainable. Growth must be inclusive because it is important not only to reduce poverty levels, but also to maintain social stability and cohesion. The Asian experience has demonstrated that if we are to achieve the sustainable and inclusive economic growth needed to reduce poverty, a dynamic private sector is critical. Recognizing this, ADB has adopted a new strategy to refocus and energize our work for private sector development.