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Philippine President Duterte Bestows National Honor on ADB President Nakao

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President of the Philippines Mr. Rodrigo Duterte (left) with ADB President Mr. Takehiko Nakao at Malacañan Palace on 7 January 2020. Photo: ADB

President of the Philippines Mr. Rodrigo Duterte awarded outgoing Asian Development Bank (ADB) President Mr. Takehiko Nakao the Order of Sikatuna, the Philippines’ highest civilian recognition, with the rank of Grand Cross, or Datu, Gold distinction, at Malacañan Palace today.

“At the helm of the ADB, Mr. Nakao has proven to be a true partner of the government in its pursuit of sweeping reforms and ambitious development programs to bring about President Duterte’s goal of liberating Filipinos from poverty and transforming the Philippines into an upper-middle-income economy on his watch,” said Philippine Finance Secretary and ADB Governor Mr. Carlos G. Dominguez. “Under Mr. Nakao’s leadership, the ADB has demonstrated its full confidence in the Duterte presidency’s capability to carry out a comprehensive development strategy for rapid and inclusive growth by raising its lending commitment to the Philippines for programs geared toward closing the country’s infrastructure gap, enhancing the local business climate, promoting countryside development, and achieving lasting peace in Mindanao.”

The Order of Sikatuna was established in 1953 by former President of the Philippines Mr. Elpidio Quirino as the country’s national order of diplomatic merit. It is given to individuals who have rendered exceptional services to the Philippines in developing and strengthening relations with the country.

“I receive this award with my deepest gratitude to President Duterte, Secretary Dominguez, the Government of the Philippines, and its people,” said Mr. Nakao. “As our host country since ADB’s establishment in 1966, the government’s support of ADB over the years has been essential to the success of our operations throughout Asia and the Pacific. ADB has been a strong development partner of the Philippines since the country became a founding member, with our support considerably expanding in the last three years.” 

Mr. Nakao also mentioned the highly successful 2018 ADB Annual Meeting hosted by the Government of the Philippines. “For the event, I worked closely with Secretary Dominguez, who served as Chairman of ADB’s Board of Governors. I benefited from the valuable advice from the Secretary about how to make the Annual Meeting more focused and efficient,” he said.

Mr. Nakao assumed office as ADB President on 28 April 2013. Under his leadership, ADB operations in the Philippines have grown significantly. ADB has been supporting the Duterte administration’s “Build, Build, Build” (BBB) program and the 10-Point Socioeconomic Agenda including rural development and investment in human capital. ADB’s sovereign lending to the Philippines reached a record high of $2.5 billion in 2019, building on $1.4 billion in 2018, compared with an annual average lending commitment of about $800 million in previous years. ADB has also provided knowledge support to the government on its tax reform initiative and K-to-12 extention of school years up to senior high school (from 10 years).

In 2019, about half of ADB’s assistance financed the first phase of the Malolos–Clark Railway Project, one of the government’s major infrastructure investments under BBB. ADB’s support for the project, which is expected to be partially operational in 2022, will total $2.75 billion, making it ADB’s largest project financing in Asia to date. Construction work is expected to begin in the second quarter of 2020.

The new Philippines Country Partnership Strategy for 2018–2022, designed under Mr. Nakao’s leadership, paves the way for providing considerably larger assistance to the country. ADB’s planned assistance through 2022 includes a significant number of major infrastructure projects, such as railways, bridges, flood risk management, and irrigation. In addition, ADB will support the government’s Bangsamoro peace process through lending and technical assistance. ADB will also support policy reforms to improve the country’s investment climate, public financial management, and local economic development.

Mr. Nakao will step down as ADB President on 16 January. He will be succeeded on 17 January by Mr. Masatsugu Asakawa, Vice Minister of Finance for International Affairs of Japan until July 2019.

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Korea is putting innovation and technology at the centre of its clean energy transition

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The successful implementation of the Korean government’s Green New Deal will provide an opportunity to accelerate Korea’s clean energy transition and place the country at the forefront of some of the energy industries of the future, according to a new policy review by the International Energy Agency.

Korea recently set a target of reaching carbon neutrality by 2050 to steer its energy sector away from today’s dominance of fossil fuels and strong dependence on energy imports. To accelerate the transition to low-carbon energy, the government is committed to substantially increasing the share of renewable energy sources in the electricity supply, gradually phasing out coal, significantly improving energy efficiency and fostering the country’s nascent hydrogen industry.

“Many of these measures will help Korea not only to advance its energy transition but also to improve its energy security – a high priority given the country’s limited domestic energy production,” said Dr Fatih Birol, the IEA Executive Director, who is launching the report today at an online event with Joo Young-joon, Deputy Minister at the Korean Ministry of Trade, Industry and Energy. “I welcome Korea’s ambitious carbon-neutrality goal and the initial steps set out in its Green New Deal. The IEA is committed to supporting the government in these vital efforts.”

In 2015, Korea became the first country in Northeast Asia to introduce a nationwide emissions trading system that sets a best practice example for other countries to follow. But more needs to be done to reduce the carbon intensity of Korea’s energy supply, which is above the IEA average because of the high share of coal-fired power generation.

Plans by the government to close aging coal-fired plants reflect growing concerns among the population over climate change and local air pollution. The government can draw on this public support to swiftly introduce its planned environmentally friendly energy tax programme that will complement other policy measures, according to the IEA report.

Korea’s private sector has a high capacity for technology innovation and its population has shown an almost unparalleled openness toward digitalisation. This closely links Korea’s energy transition to efforts to spur investments in energy storage systems, smart grids and intelligent transport systems.

“Korea can draw on its technological expertise by addressing regulatory and institutional barriers in its energy markets and by fostering more active consumer engagement,” Dr Birol said. “This can improve the way the energy markets operate, enhance competition and encourage the emergence of new business models.”

The focus of Korea’s energy transition must go beyond the power sector to target emissions from industry and transport, the IEA policy review says. The industrial sector is emissions-intensive and accounts for over half of Korea’s final energy consumption despite the notable improvement in energy efficiency over the last decade. The IEA review welcomes the new policy emphasis on integrating individual energy efficiency measures as building blocks for smart energy industrial complexes. It will also be important to find a good balance between mandatory and voluntary measures to encourage further energy efficiency improvements in industry.

In the transport sector, Korea has well-established fuel economy standards for passenger vehicles, but progress is currently lagging behind government targets. The IEA applauds the government’s plans to introduce fuel economy standards for heavy goods vehicles, which would put Korea at the forefront of global efforts.

Korea has set ambitious goals for the roll-out of electric mobility and also to establish itself as a leading exporter of hydrogen and fuel cell vehicles by 2040. Those targets and the commitment to research and innovation more broadly are commendable, but Korea also needs to reappraise the role public transport could play in the future, according to the report.

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Indonesian President Addresses Global Business Leaders at the WEF Special Dialogue

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Today, President Joko Widodo of Indonesia took part in a dialogue with global business leaders, hosted by Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.

The dialogue focused on the need for deeper public-private cooperation – currently focused on helping manage the COVID-19 pandemic – as well as providing a boost to the country’s economic recovery. Indonesia is currently experiencing its first recession in 22 years, and like many nations, is in the midst of tackling the pandemic; the country surpassed half a million confirmed cases of the disease this week.

“I would like to express my appreciation to the World Economic Forum for hosting the Country Strategy Dialogue on Indonesia at such a pivotal time for our country and the world,” said President Joko Widodo. “The Government of Indonesia remains strongly committed to engaging in public-private partnerships that support the country’s path towards sustainable and resilient economic recovery.”

In his opening remarks, the president said that the enactment of the Omnibus Law will help improve Indonesia’s investment climate and legal certainty, adding that: “Significant support from the business community in its implementation is essential, as it will add value to the government’s efforts in handling the pandemic and supporting economic recovery in a balanced and synergetic manner.”

More than 50 global business leaders took part in an interactive virtual discussion, during which they listened and offered suggestions to the president and members of his cabinet, who laid out their plans for economic revival.

“Indonesia with its large population, is making impressive progress in fighting COVID-19, and at the same time is using this pandemic as a means to restructure, modernize and upgrade its economy,” said Klaus Schwab, Founder and Executive Chairman of the World Economic Forum.

The president emphasized measures his government would be taking to manage the spread of COVID-19. The focus is on providing treatment and ultimately vaccinations for the population, while also cutting red tape to fast-track needed investment aimed at restoring Indonesia’s growth and securing its competitiveness post-pandemic.

Several important cabinet members, including Erick Thohir, Minister of State-Owned Enterprises and Retno L. P. Marsudi, Minister of Foreign Affairs, and Luhut B. Pandjaitan, Coordinating Minister for Maritime Affairs and Investment, took part in the dialogue. They presented details of the planned establishment of the country’s multibillion dollar sovereign wealth funds, implementation of the Job Creation Laws and planned investment incentives, as well as prioritizing environmental sustainability in recovery efforts, to ensure the country’s leadership in the area of green growth.

Global chief executive officers responded by presenting their plans for further investment and offered suggestions for collaboration.

James Quincey, Chairman and Chief Executive Officer of The Coca-Cola Company said: “I appreciate the government’s efforts to encourage investment, maintain sustainability at the centre of their rebuilding efforts and clearly communicate their ambition to work together with different stakeholders to create new and innovative ways to foster growth.”

The Government of Indonesia and the World Economic Forum have agreed to continue the dialogue aimed at developing multistakeholder solutions in areas such as mainstreaming low-carbon investments, supporting Micro Small and Medium-sized Enterprises (MSME) through reskilling and upskilling, and building long-term resilience for the country’s travel and tourism sector.

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Pakistan PM Khan Speaks with Global CEOs on Strategic Priorities in Post-Pandemic Era

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The World Economic Forum today hosted a “Special Dialogue with Prime Minister Imran Khan” for its members and partners, chaired by Forum President Børge Brende. The session gave chief executives from across the world an opportunity to hear directly from the prime minister on the factors behind Pakistan’s resilience to the economic shocks of the pandemic and his country’s post-COVID-19 recovery strategy.

In the virtual session, Khan explained the policy priorities of the Government of Pakistan, including regional connectivity projects like the China-Pakistan Economic Corridor (CPEC), and progress on talks to improve trade flows between Afghanistan and Pakistan following his visit last week to the Afghan capital. Khan also responded to questions from chief executives on promoting a digital economy in Pakistan and improving the enabling environment for long-term investors.

“My aim is for Pakistan’s economy to emerge greener, fairer and stronger from the pandemic. It is crucial for us to work with the international business community and partners like the World Economic Forum to share the important reforms underway here and help global businesses participate in the emerging opportunities in Pakistan,” said Imran Khan, Prime Minister of Pakistan.

“Pakistan’s economy has shown remarkable resilience to the pandemic, placing it in a strong position to rebound quickly from the shock. The Forum convened this dialogue with Prime Minister Khan for global business leaders to discuss the country’s economic response in greater detail and to understand where they could contribute to Pakistan’s ambitious recovery strategy,” said Børge Brende, President, World Economic Forum.

More than 70 members and partners of the World Economic Forum from around the world participated in the virtual session.

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