It argues that development must be inclusive if it is to be sustainable. The task is much more than simply finding incentives for investment or trade protocols, designing growth models, or aiming at the best available technology. Development strategy needs to address education and labor market issues, technology policy and telecommunications, institutional arrangements, and a host of other soft infrastructure dimensions. The general answer is that we see Asia getting ready for globalization, with all that this means. It means readying ourselves, in light of the new thinking about the development challenge.
Globalization is a phenomenon that the development agenda simply has to contain.
It means that sound accounting and auditing practices, based on international standards, will have to be adopted by our DMCs if they are to fully benefit from globalization. This list is neither exhaustive nor inclusive. Success or otherwise, in meeting the first four of these seven challenges largely depends on the quality of financial management and governance. That is why this conference is not only important, but timely too. Let me look at these four a little further.