UN Asia-Pacific meeting to focus on fresh ideas to raise development funds

The annual conference of the United Nations regional commission for Asia and the Pacific will focus on finding innovative ways to spark greater international investment in the already-promising and productive economies of the area’s developing countries.

The sixty-first session of the UN Economic and Social Commission for Asia and the Pacific (ESCAP), to be held from 12 to 18 May in Bangkok, Thailand, will aim to mobilize the international community to raise crucial investment in the social and economic infrastructure of small Asia-Pacific countries.

Developing countries in the region are ranked as the fastest growing economic bloc in the world, but they need more cash and resources to maintain their performance in the future.

“In spite of the shocks the region has faced this past year, it is still strong, and we are sure this Commissions session will lead to fresh opportunities to set developing countries on track to achieve the Millennium Development Goals (MDGs),” said Kim Hak-Su, the Commission’s Executive-Secretary.

ESCAP is expecting ministers and senior officials from 62 member and associate countries and territories to participate in the event, “Implementing the Monterrey Consensus in the Asia and Pacific region: Achieving coherence and consistency.” The Monterrey Consensus is the landmark agreement adopted by world leaders at the 2002 International Conference on Financing For Development. It calls for the resources to meet the MDGs and the conditions that will enable freer trade, more foreign investment, debt relief and efficient government.

The session will also feature a high-level panel discussion on tsunami recovery and development, as well as a ministerial roundtable on financing for development, when governments will examine a proposal for an Asian investment bank to help bridge the shortfall in investment needs. A two-track approach to foster capacity-building and coordination will also be on the agenda.