BFA Annual Conference 2007 opens in Boao

Wu spoke highly of the BFA and showed confidence that the forum will grow into an important regional platform of dialogue for promoting business cooperation and common development in Asia.

Asia's gross domestic products (GDP) grew by over 6 percent annually in the past seven years, contributing to 20 percent of the world economic growth.

Asia's economy, trade and foreign exchange reserves respectively takes up one fourth, one third and three fourths of the world's total.

Sustained development in individual Asian countries has led to increasingly closer economic links within the region, expanding common interests and heightened awareness of the Asian identity, said Wu.

Development and cooperation in Asia are enjoying unprecedented momentum, he said.

During the two-day conference, more than 1,400 of the most influential politicians, business leaders and intellectuals from Asia and around the globe will discuss topics concerning the Asian economic community, Asian values, corporate social responsibility and innovation in the banking and telecommunications sectors.

Long Yongtu, secretary-general of the forum, said that East Asia is currently the most active subregion in regional economic cooperation, but South Asia, Central Asia and West Asia have been forgotten in the entire Asian regional cooperation process.

Observers said Asian economies outside East Asia are hoping to see an arrangement connecting the whole of Asia, while Australia and New Zealand are making efforts to "join" Asia and take a positive approach to the Asian economic integration.

Against such a backdrop, according to Long, the Boao Forum for Asia, which is a dialogue channel for the whole Asia, wishes to play its unique role to fill in the vacuum.

The BFA, established in 2001, is a non-governmental organization serving as a platform voicing for Asia's future.

The 2007 conference, with the theme "Asia Winning in Today's Global Economy -- Innovation and Sustainable Development", will run from Saturday to Sunday in Boao.

Fidel V. Ramos, former president of the Philippines and chairman of the BFA board of directors, said at the opening ceremony that the forum seeks to enhance understanding and communication that transcend regional, political, economic, geographical and cultural boundaries.

To promote innovation and sustainable development in Asia is to help build a harmonious world of lasting peace and shared prosperity, said Ramos.

Long said regional cooperation in Asia is not only in economy, but should be shared by all the Asian people.

The Association of Southeast Asian Nations (ASEAN) promised to build an integrated trade zone and has taken a brave step towards an organization like the European Union, said Gloria Macapagal Arroyo, president of the Philippines.

The ASEAN nations will strengthen political and economic cooperation with other partners in Asia, said Arroyo, adding that BFA will provide such a mechanism for the cooperation and a new mode of Asian development is expected to be achieved in the process. SOURCE: Government of China