JEJU, South Korea, May 15 (Xinhuanet) -- Asian countries are now on a more solid and sustainable growth path, but further structural reforms and increased regional cooperation are crucial to maintain progress, peace and prosperity, said ADB president here Saturday.

    Speaking at the opening of the 37th Annual Meeting of the Boardof Governors of the Asian Development Bank (ADB), Tadao Chino, ADBpresident, said that while income poverty has declined in the Asiaand Pacific region, progress had been limited in achieving the long term strategic goals.

    He warned that unless efforts are redoubled, the region, home to two-thirds of the world's poor, is at serious risk of failing to achieve the goals relating to health, education, gender and environment.

    He said that it was imperative to accelerate harmonious economic growth of the region as a whole, with special regard to smaller or less developed countries and to strengthen regional cooperation.

    Given the region's strong economic fundamentals, the economies of developing Asia and Pacific are expected to show robust growth,he said. However, several risks remain.

    Rising oil prices and imbalances in industrial economies in the world and slowing of financial and corporate reforms in the region underscore the importance of close cooperation and continued implementation of key policy and structural reforms in the region, he said.

    The president said that a comprehensive review of ADB's povertyreduction strategy confirmed its soundness as an operational framework for the bank's overarching goal of poverty reduction. But efforts need to be strengthened further.

    Chino called for continued support to improvement of governanceand to the role of the private sector for sustainable economic growth.

    He also stressed the importance of strengthening capital markets including pioneering rupee bond issue in India earlier this year and supporting for Asian Bond Markets Initiative among the Association of Southeast Asian Nations (ASEAN) and China, Japan and South Korea.

    "The most significant benefits of regional cooperation, however,are stability, peace and security based on mutual trust and goodwill created by countries increasingly working together," he said.

    Looking ahead, the ADB president noted a distinct trend toward broader Asia-wide economic cooperation and integration.

    The number of free trade agreements and other regional cooperation arrangements is increasing and there is a growing view that the region as a whole should strive for closer economic integration, said Chino. Enditem¡¡