ADB reaffirms support for Asean's economic recovery from Covid-19

MANILA, Oct. 29 (Xinhua): The Asian Development Bank (ADB) discussed with Brunei, Indonesia, Malaysia, and the Philippines strategies to ensure "strong and lasting" recovery in the Asean region from the Covid-19 pandemic, the Manila-based bank has confirmed.

ADB President Masatsugu Asakawa reaffirmed its support for a rapid economic recovery, infrastructure development, and regional cooperation at the 14th Brunei-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA) Leaders' Summit, with ADB serving as the regional development advisor.

The ADB said it is working with BIMP-EAGA governments to identify transformative recovery strategies and manage regional cooperation in the wake of the pandemic crisis by maintaining open markets, strengthening supply chains, supporting vibrant economic zones, as well as promoting digital integration.

The sub-regional growth mechanism was established in 1994. Under the BIMP-EAGA Vision 2025, the programme aims to develop a more competitive manufacturing sector with value-added production, establish the sub-region as a food basket for Asia through sustainable agriculture and fisheries, and position BIMP-EAGA as a well-connected, multi-country tourism destination. - Xinhua