MANILA, April 18 (Xinhuanet) -- The Asian Development Bank (ADB) Monday noted the increased contribution of the private sector to economic growth and poverty reduction in the region.

    ADB Vice-President Geert van der Linden said at a conference onachieving results in private sector development that throughout Asia and the Pacific, private sector development and increasing the contribution of the private sector to the economy are key to economic growth and poverty reduction.

    The three-day conference brings together nearly 100 representatives from governments, private sector, academia, and donor organizations from all over the Asia and Pacific region.

    ADB's Asian Development Outlook released earlier this month showed that gross domestic product in developing Asia grew by well over 7 percent last year, the highest rate since the 1997 financial crisis.

    "A major driver behind the high rate of growth was a marked revival of business investment," van der Linden said.

    However, he also noted that many studies have shown that economic and regulatory uncertainties, macroeconomic instability, high tax rates, regulatory and administrative requirements, corruption, and insufficient infrastructure are cited as significant barriers to investment.

    The ADB said that the conference is looking at private sector development strategies as processes and examining how planning and executing them could be effective in accelerating reform by increasing accountability and focusing on results.

    "Working with both the public and private sector, ADB has developed the expertise, and a range of instruments and approaches,to assist governments in achieving an environment in which the private sector can grow and prosper," van der Linden said.Enditem