"Myanmar State Counselor Ms. Aung San Suu Kyi met with Asian Development Bank (ADB) President Mr. Takehiko Nakao today on the sidelines of the Association of Southeast Asian Nations (ASEAN) Leaders’ Summit. They discussed ADB’s continued engagement with Myanmar. Myanmar’s macroeconomic performance has been quite strong and stable in recent years, with real GDP growth at 6.5% in 2018. Mr. Nakao said: “Myanmar demonstrates strong potential for achieving sustained growth in the future, with prospects for boosting investments, as well as productivity in the agriculture and manufacturing sectors.” Mr. Nakao said he appreciated the structural reforms being implemented by the government, such as the adoption of the new Companies Law and easing business registration—both supported by ADB—as well as the reforms in the banking and insurance sectors. These steps will send positive signals to domestic and foreign investors. ADB has been supporting Myanmar since its reengagement in 2012, operating in the energy, transport, water supply and sanitation, agriculture, and education sectors. ADB’s sovereign lending in 2018 was $614 million. In addition, ADB is supporting private sector development through its nonsovereign lending in areas such as energy and communications. Ms. Suu Kyi expressed appreciation for ADB’s support. She noted that improved infrastructure not only improves access and connects regions, but also helps achieve reconciliation between different groups of people. She further noted that achieving peace and stability requires a long-term focus on sustainable development. “ADB stands ready to support Myanmar as it takes steps toward conflict resolution and reconciliation, including in Rakhine State,” Mr. Nakao said. Ms. Suu Kyi and Mr. Nakao also discussed boosting productivity in the agriculture sector to support rural development and poverty reduction; enhancing resilience to climate change; and promoting connectivity and cooperation between South Asia, Southeast Asia, and East Asia, taking advantage of Myanmar’s unique geographic position. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region..."