Boao Forum: The Asian Voice

Posted on Apr 27 2013 - 10:42am by Admin

Boao Forum: The Asian Voice

The  theme  of Annual  Conference  2012 of   BFA  “Asia in the  Changing World: Moving  towards   Sound and Sustainable  Development,”  points towards a number of challenges that Asia may  face in coming years.

Boao Forum: The Asian Voice

Boao Forum: The Asian Voice

The  East Asia  miracle  which has changed the perception developed interest of the policy makers, development practitioners, business leader and academia in the region. They want to learn from the experience of this region for its remarkable progress in economic and social development. This has increased the influence of Asia in regional as well as international affairs. The economic cooperation of Asia at  bilateral, regional, subregional, and train  regional level in the fields of business, finance, science and technology, transportation,  culture and the media are constantly increasing.

RELATED POSTS

Boao Forum: The Asian Voice

With all these developments taking place in the region there was no regular forum to showcase  such  achievements and share with the rest of the world at an Asia level till the establishment of Boao Forum: The Asian Voice Forum for Asia (BFA) in 2002. The Annual Conference of   BFA  has assumed  the most prestigious position in the global arena over the years due to the interest it generated among leaders in government,  business and academia in Asia and other continents. The Forum is providing a platform for knowledge sharing on economic  development as well as promoting economic integration at  the regional and global level.

Boao Forum: The Asian Voice

Boao Forum: The Asian Voice

The idea for  such a Forum  was China is now assuming the leading role in the world with its strong economic progress. The world is looking towards them for a leadership role to  bring their  economies out of crisis.Floated in 1998   by   leading personalities such as Fidel V. Ramos, former president of   the Philippines, Bob  Hawke, former Prime Minister of Australia, and  Minister of  Japan, But  it took three years to formally inaugurate the Forum in February 2001.The Forum was established to represent Asia in the world, and formed on  the  similar lines as of the  World Economic Forum. China Took The lead to host this event every year at Boao in the Hainan Province of China which is the  permanent venue  for.

Boao Forum: The Asian Voice

Boao Forum: The Asian Voice

Boao Forum Annual Conference” since 2002. Participants of the Annual Conference attend this event to receive firsthand knowledge of the economic development in leading Asian economies.  The Forum also Provides an  opportunity for  participants to share  their experiences and thoughts on current as well as emerging challenges related   to development at regional as well as global  level.The BFA  has successfully  brought the Asia countries closer to their development  goals. When these countries meet at the BFA,  the world listened attentively to the voices coming from this small, quiet  and scenic island    of  ChinaBoao. Boao Forum: The Asian Voice. The  then Vice Chairman of China, Hu  Jintao,  after the briefing on conceiving Forum on  October 8, 1999, happily agreed to extend all necessary   support and cooperation  of the Chinese  Government  of  this important Forum. The  philosophy of China to support such a Forum was to support a multitype of regional cooperation and dialogue. The establishment of the forum was considered as a platform for promoting understanding, trust and cooperation among regional countries supported the stance of the Chinese government and  recognized the  importance of the Boao Forum for Asia and the role of the Chinese government in taking this initiative at its appropriate level.

Boao Forum: The Asian Voice

Boao Forum: The Asian Voice

The theme of Annual Conference 2012 of  BFA “Asia in the Changing  World: Moving toward  Sound and Sustainable Development,” points toward a number of challenges that Asia may face in coming years.While inaugurating the Annual Conference – 2012, Chinese Vice Premier Li Keqiang informed the partici-pants of China,s key challenges, its progress in different fields and the reforms agenda with China is following for  better management of the economy. He stressed the need for an all- inclusive   model of national growth and regional cooperation in tackling the  challenges of growth and under  the new growth strategy, trade and tariff liberalization with China, a transit trade agreement with  Afghanistan, and the grant of the most   favored   nation  status  (MFN)  to India are some of the important initiatives.

Boao Forum: The Asian Voice

Boao Forum: The Asian Voice

These steps are expected to  help Pakistan but there is a need for deeper reforms which may not be  viable politically  but important for the revival of the economy. Lange highlighted by him  include the food and energy security and balance growth  with sustainable development. These challenges can be tackled with a continued reform process which helps economies to  adjust  them according to the  circumstances. The mega event was attended by representatives from government, business and academia  from around the globe. China provides a good example for Pakistan. It, s astounding growth continues to attract foreign investment in the billions, its reserves  hovering above a whopping four trillion dollars. The economic strength of China has attracted the interest of ltalian  Prime. Minister, Mario Monti, who appealed to China in a passionate way, “Will Chinese make more financial and industrial investments in ltaly, l  flew to Asia with this objective, to present my  ideas and also urge Chinese investments in ltaly and elsewhere in Europe to help ease Euro-Zone,s  financial crisis.” These developments  Point out that China is now assuming the leading  role  tin the world with its  strong economic progress.  The world is looking towards  them  for a leadership role to bring their economies out of crisis.

Boao Forum: The Asian Voice

Boao Forum: The Asian Voice

Pakistan has to learn from China that the economy has the  prime importance and no country can bring prosperity  in the country without economic growth and development. Although Pakistan is pursuing a new growth strategy that focuses on sustainability of economic stability, promotion of private investments through incentive  mechanisms, and expansion of trade ties with regional countries with several initiatives but the growth is not forthcoming. Under the new growth strategy, trade and tariff liberalization with China, a transit trade agreement  with Afghanistan, and the grant of the most favored nation status (MFN) to India are some of the important initiatives. These steps are expected to help Pakistan but there is a need for deeper reforms which may not be viable  politically but important for the revival of the economy. Energy sector stands out alone among other challenges being faced by  Pakistan. It has to think seriously to solve this growing energy problem. No country can achieve growth or sustain its growth without energy security. The energy crisis deepens day by day and no solution seems to work.  The energy sector reforms are being adopted but with  a very slow pace. This is adding an unsustainable burden on the national exchequer and now the circular debt is accumulated to 300  billion. Boao Forum: The Asian Voice Similarly the other public sector establishments also  need reforms.

About the Author