Asia to continue driving global growth, development in years to come, says Kazakh president

BOAO, Hainan, March 28 (Xinhua) -- As the world economy faces various challenges calling for a new development paradigm, Asia is well positioned to continue driving global growth and development in the years to come, Kazakh President Kassym-Jomart Tokayev said here Thursday.

Addressing the opening ceremony of the Boao Forum for Asia Annual Conference 2024, Tokayev said the meeting takes place against a backdrop of unprecedented global uncertainty, fueled by geopolitical turbulence and economic upheavals, and "the outlook is not very promising."

One of the major challenges facing the world economy is "the ongoing trade tensions between major economies, protectionist policies, and escalating trade disputes that disrupt global supply chains, hamper economic growth, and undermine investors' confidence," he said.

It is evident that the global economy requires a new development paradigm and failure to address these challenges may result in missed opportunities in the coming decade, he warned.

In this context, Asia is leading the way towards a new era of sustainable development, said the president, citing the region's significant growth in foreign direct investment, abundant human resources and robust middle class consumption, as well as an expected 60-percent contribution to global growth this year.

Asia's economic achievements are a testament to the region's resilience, innovation, and determination, and it is "well positioned to continue driving global growth and development in the years to come," he said.

To jointly tackle the challenges, the president called for building a new multilateral trading system based on the principles of fairness and openness, and a global financial framework that provides equal benefits for all nations, enhancing food security, expanding transport cooperation among Asian countries and strengthening technological cooperation, among others.

The Boao forum has emerged as "an embodiment of the Asian innovative approach to achieving universal economic progress and has also established itself as "a prominent symbol of China's commitment towards global development," said the president.