Addressing the inaugural session of the Board of Governors of Asian Development Bank (ADB), he said India is working closely with ASEAN, Japan, China and South Korea. He is anticipating a free trade area in Asia covering all major Asian economies and possibly extending further to Australia and New Zealand may not be a far-fetched with the India’s Free Trade Agreements (FTAs) with the nations of South Asian Association for Regional Cooperation (SAARC), Singapore and Thailand.
The Prime Minister Manmohan Singh, at the ADB meet, said that the infrastructure development in the country will need over $150 billion over next few years. He said that the ADB had supported projects in sectors such as transport, power and urban infrastructure, and the bank is now considering new areas such as restoration of water bodies, tourism infrastructure and agribusiness. He also called on major international financial institutions to devise a strategy to enable the world economy cope with the increased unpredictability and volatility of energy prices.
About ADB centre in Hyderabad
The Asian Development Bank (ADB) has responded positively to the Andhra Pradesh Government's appeal to set up a regional training centre in the State.In a statement released here at the 39th annual meeting of ADB's board of governors, the official said the bank was interested in facilitating regional co-operation in the South Asian region. "We would be interested to know more about the proposal," the official said.
