Page 8 - Demo Faces

Innovation powers development in Asia and the Paci c
8
The unprecedented pace and extent of development in Asia and the Paci c over thepast5decadeshas,in large part, been due to the adoption of technology, rst through technology transfer and then through direct investment in developing the technology itself. It’s obvious that new technologies are having a greater than ever impact on societies and can be harnessed to be both positively disruptive and transformational.
Developing countries in Asia and the Paci c need new ways to create value because they can no
longer rely on exploitation of natural resources to maintain the pace of growth they need. They must nd new and faster ways to develop human capital and bene t from theirdemographicdividend.
Unlike the countries that developed before them, they need to grow in an environmentallyresponsible and sustainable way. Developing countries have no choice but to adopt and generate new technologies and knowledge e ciently and e ectively to deal with the many challenges of
a rapidly changing global development context.
The question is no longer if, but how ADB should advance the innovation agenda. This is clearly re ected in ADB’s Strategy 2030, which articulates ADB’s role in promoting, facilitating, and driving innovation. ADB plays a crucial role in ensuring that its members not
only have access to the funding they need to make transformational change butalsototheknowledge
and expertise that add value. So, we, too, need to change. At ADB, innovation simply meansthis:changethat adds value for clients.
Developing countries in Asia and the Paci c need new ways to create value