Shaikh Mohammed and Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, during the Boao Forum for Asia Financial Cooperation Conference in Dubai on Monday. — Wam
Global finance leaders and policy makers have emphasised the importance of financial and trade cooperation between Asian countries at the Boao Forum for Asia Financial Cooperation Conference in Dubai on Monday.
His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, attended the event.
The two-day conference, which is being held in Dubai for the first time, is recognised as the most prestigious forum in the region to discuss key financial issues confronting Asian countries and laying the groundwork for closer collaboration in the future.
Zhou Wenzhong, secretary-general of Boao Forum for Asia, highlighted the importance of financial cooperation between Asian countries during the opening session of the conference.
“Financial cooperation is pivotal to regional and international economic integration,” Wenzhong said.
“We are delighted to move this conference to Dubai this time in a big city and growing financial hub between East and West.”
UAE Minister of International Cooperation and Development Shaikha Lubna Al Qasimi talked about new trade and exchange in the Asian continent.
“This is the inaugural Boao Forum for Asia event to be hosted in the Middle East and the timing could hardly be better. The Asian continent is coming alive with new trade and exchange that is bringing us closer together. Countries, including China, are revisiting and reinvesting in a New Silk Road, ushering in a new era of Asian growth and prosperity,” Shaikha Lubna said.
Zeng Peiyan, vice-chairman of the Boao Forum for Asia and former vice-premier of China, in his keynote speech said it was more urgent than ever to discuss cooperation and strengthening of Asian regional economies, as the world economic recovery remains weak and Asian economies face downward risks.
“As the world economic recovery remains in a weak momentum and Asian economies face downward risks, it is more urgent than ever to discuss cooperation and strengthening of Asian regional economies,” Peiyan said.
Peiyan noted that financial cooperation can be used as a way to boost the Asian economy. “We believe we can use financial cooperation as a way to boost the Asian economy. First we need to carry out bilateral currency swaps cooperation. They can reduce trade risks and help maintain regional financial stability,” he added.
Shaukat Aziz, former prime minister of Pakistan, spoke about the changing world order and the emergence of Asia as an economic powerhouse, especially the peaceful rise of China.
Aziz also noted there were threats to global stability, including extremism, terrorism, cyber attacks and economic disputes and that building linkages between countries can help overcome these challenges.
“Trade initiatives should be inclusive. The more countries enter it would be helpful to the world. Progress is already being made… One example is the creation of the Asian Infrastructure Investment Bank, a major landmark development for the world. This will be an important means for financing infrastructure projects all over the world and in particular in Asia,” Aziz said.— email@example.com
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