Boao Forum – New hope for strong Asian economy – Dainik Savera Times

The four-day Boao Forum for Asia, ending on Friday March 29, 2024, continues in southern China’s Hainan province. Boao Forum for Asia is a non-governmental and non-profit international organization. Established in 2001, the organization has now become a platform for governments, industry organizations and trade bodies, as well as leaders in academia, to discuss important issues in Asia and other continents. The agenda of this time’s conference includes global security, world economy, science-technological innovation and the impact of artificial intelligence (AI). Which has been discussed or is being discussed in various sessions.

The annual report of this forum was released on the first day of the conference i.e. 26 March, in which great expectations have been expressed regarding Asia. This report states that not only will Asia’s economic growth remain rapid, the pace of regional economic integration will also continue to move forward strongly. At a time when global economies are constantly faltering, the hope of strengthening Asia’s economic momentum can be called hopeful not only for Asia but for the world. The report said that even though the Asian economy is facing external economic challenges, the Asian economy will maintain a relatively high growth rate in the coming years.

The report, released during the 2024 annual meeting of the Boao Forum for Asia, said that the growth rate of the Asian economy is expected to exceed the year 2024 due to the help of strong consumption and active fiscal policies. According to this report, this growth rate will be four and a half percent more than last year. Obviously, this increases the hope of strengthening the economy of Asia and improving the conditions of the people of Asia.

Li Baotong, General Secretary of Boao Forum for Asia, says that this report shows hope for the current year i.e. the year 2024-25. The theme of the Forum’s annual conference this year is ‘Asia and the World: Common Challenges, Shared Responsibilities’. The Secretary-General says that since the challenges facing the world today are more complex and diverse than ever before. Therefore, they can be dealt with only together. For this, the countries of Asia will have to help each other and provide strong support to each other and along with this they will have to fulfill their responsibilities seriously. Only then can the international community move the world forward on the path of peace and prosperity.

The Forum’s annual report states that regional integration in Asia is continuously progressing. This integration is more economic than political. Perhaps that’s why Forum officials believe the Regional Comprehensive Economic Partnership, or RCEP, is leading Asian countries by supporting the growth of intra-regional trade and investment, as well as closer ties between industrial and supply chains. However, the objective of the Forum is to not only cooperate with each other to reduce the negative effects of instability in the global economy, but also to support the large population of the world that is deprived of facilities.

The Corona epidemic that occurred three years ago had deeply hurt the world economy and social system. But now the world is recovering from the dark shadow of the pandemic. Forum Secretary General Li Baotong has also accepted this. He said the global economy is gradually emerging from the shadow of the pandemic, and technological innovation is bringing new growth drivers. The Forum hopes that through the discussion at this year’s Annual Meeting, the knowledge gained from all parties can be condensed, and the strengths of Asia and the rest of the world can be combined to overcome difficulties and build a better future.

Nearly 2,000 delegates from more than 60 countries and regions, as well as more than 1,100 journalists from nearly 40 countries, are attending this year’s annual meeting of the Boao Forum for Asia. The participation of such a large number of participants clearly shows the importance of this forum and how the world is taking interest in it. India is also a member country of BOAO Forum and is also its strong supporter. In India, the IT industry has played an important role in promoting economic growth in recent decades. However, due to high energy costs and other reasons, India lags behind in hardware manufacturing capabilities, keeping this in mind the Government of India is making significant efforts towards achieving its agenda of ‘Make in India’ and ‘Digital India’. Through Boao Forum for Asia, India is also trying to gain a new perspective on this subject after consideration.

（Senior Indian Journalist-Umesh Chaturvedi）