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Asia must unite for a shared future: Yunus at China conference

Outlines four pillars for Asia’s growth: finance, trade, food, and innovation
Diplomatic Correspondent, dhakadiplomat.com
  27 Mar 2025, 12:46
Photo: Chief Adviser GOB

Chief Adviser Professor Muhammad Yunus has called for strengthened cooperation across Asia to navigate the complex global challenges of the modern era.

Speaking at the Boao Forum for Asia Annual Conference 2025 in Hainan, China, Yunus emphasised the need for regional unity in tackling financial instability, climate change, debt burdens, and geopolitical tensions.

According to the full text of his speech shared by the Chief Adviser's Press Wing, Yunus said, "Asia, home to 60 percent of the global population and 55 percent of global GDP, is at the centre of these changes. Emerging norms, regulations, and technologies are reshaping governance and economic policies."
He highlighted the urgent need for regional and global cooperation in response to shifting global paradigms.
Referring to Bangladesh's recent political transformation, he said how its people stood against oppression and corruption, leading to fundamental reforms in the electoral system, judiciary, civil administration, and law enforcement. He expressed optimism that these measures would restore public trust and bring meaningful change.
Prof Yunus underscored the mounting challenges confronting Asian economies, citing global financial market instability, trade disruptions, and rising debt servicing costs as pressing concerns. He warned that despite commitments to the 2030 Agenda, progress remained slow, with only 24 percent of SDG targets achieved.
"Developing Asian countries face an SDG financing gap of $2.5 to $4 trillion annually," he pointed out.
He stressed the need for responsible financing to bridge the gap in infrastructure investments and economic diversification. Corruption and illicit financial flows, he said, have been detrimental, siphoning off an estimated $1 trillion annually from developing nations -- several times the total official development assistance they receive.
"Asia should stand united to establish a multilateral mediation mechanism for asset recovery and return," he asked.
Addressing food security, Yunus said, "Strengthening food supply chains is essential." On energy security, he warned that disruptions in supply chains drive inflation and economic instability, urging sustainable energy solutions and greater investments in renewables.
Emphasising human capital development, he called for greater investment in education and healthcare. "A well-educated, skilled workforce drives economic growth and innovation," he said, advocating for expanded digital education and vocational training.
The Nobel laureate was critical of the dominant economic model that prioritises limitless consumption, leading to environmental degradation. He urged a shift toward sustainable economic frameworks that place people and the planet over profit. "The climate crisis poses an existential threat to humanity," he warned, citing economic losses in the Asia-Pacific region amounting to $65 billion annually due to climate-related disasters. He demanded grant-based, non-debt-creating climate financing to support adaptation and mitigation efforts.
In addressing digital transformation, Yunus highlighted the risks of an expanding digital divide in Asia compared to advanced economies. "If technology evolves irresponsibly, it could pose existential risks. Asia must close the digital gap and build regional capacity in technology and innovation," he urged.
Speaking on cultural diversity, he lauded Asia's "rich tapestry" of languages, philosophies, and traditions, emphasising how they have shaped global thought. "Asia's cultural richness is a strength that drives its global influence," he said, noting the need to balance tradition with modern innovation.
Yunus also stressed Asia's demographic dividend, urging investment in youth and women's economic participation. "A growing workforce, particularly young people, can drive innovation and productivity. We must provide them access to finance for entrepreneurship," he said, adding that gender gaps in leadership and decision-making must be addressed.
On global conflicts, Yunus condemned the genocide in Gaza and the crisis in Ukraine for disrupting global supply chains.
He also called for a regional solution to the Rohingya refugee crisis, as Bangladesh continues to bear significant social and economic costs by hosting over 1.2 million displaced Rohingyas.
"Asian leaders must come together to ensure their safe and dignified repatriation," he urged.
Outlining a roadmap for Asia's collective progress, Yunus proposed cooperation in four key areas: financial sustainability, trade integration, agricultural resilience, and technological collaboration.
"Asia must create a sustainable financing mechanism, improve trade cooperation, and promote resource-efficient farming. A strong tech ecosystem that is restorative, distributive, and inclusive is also crucial," he said.
Yunus called for a fundamental shift toward a zero-waste lifestyle and social business. "Every young person should grow up as a three-zero person: zero net carbon emissions, zero wealth concentration, and zero unemployment through entrepreneurship," he said.
"Boao Forum and other initiatives must enhance collaboration among youth and entrepreneurs to make Asia a better place for future generations," he concluded.

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