On March 28, Kassym-Jomart Tokayev participated in the opening ceremony of the Boao Forum for Asia (BFA) plenary session in China's Hainan Province, QazMonitor reports citing the Akorda press service.
What happened: This year, the 23rd forum is convened under the theme "Asia and the World: Common Challenges, Common Responsibility," with the President of Kazakhstan addressing the forum as a guest of honor.
Global Challenges: In his speech, President Tokayev highlighted the evident slowdown in global GDP growth, anticipated to be the lowest in 30 years by the mid-decade. He emphasized the imperative for new development paradigms within the global economy. The ongoing tensions in trade relations among major economies as a significant impediment to global economic stability. He underscored how protectionist policies and escalating trade disputes disrupt global supply chains, hamper economic growth, and erode investor confidence.
"Asian Renaissance": The Head of State emphasized that Asia is leading the way toward a new era of sustainable development He outlined several factors indicative of the unfolding "Asian Renaissance":
Projections suggest Asia will contribute 60% to global GDP growth this year, alongside accounting for 53% of world trade.
Foreign direct investment in Asia has seen substantial growth in recent years.
The region boasts leading technology centers, responsible for 70% of patent developments globally.
Asia hosts 21 of the world's 30 largest cities, and it is anticipated to drive $30 trillion in middle-class consumption growth by 2030, with only $1 trillion expected from Western economies.
Kazakhstan-China Relations: President Tokayev underscored Kazakhstan's pivotal role as China's primary trade and economic partner in Central Asia, responsible for half of China's trade and investment in the region.
In 2023, trade turnover between Kazakhstan and China reached a historic high of $41 billion, accompanied by a 22% surge in cargo traffic volume between the two countries, totaling almost 30 million tons.
Kazakhstan has a strategic position as the conduit for 80% of land transportation between China and Europe, the President said.
Kazakhstan's economic course: Tokayev highlighted Kazakhstan's open-door policy, abundant resources, and liberal market reforms, which have attracted numerous foreign companies, including Chinese enterprises.
Kazakhstan achieved an economic growth rate of 5.1% in 2023, nearly double the projected global growth rate. In the medium term,
The country aims to sustain growth of at least 6% and double its economy by 2029.
The President invited to Asian partners to invest in Kazakhstan's economy, facilitating mutually beneficial cooperation.
Sustainable financing: The President of Kazakhstan urged the international community to enhance efforts in sustainable financing. He announced the Eurasian Development Bank's plans to issue panda bonds as a novel financial investment instrument, potentially crucial for financing global infrastructure projects.
Food security: Tokayev stressed Kazakhstan's commitment to leveraging its agricultural potential, particularly as a leading wheat producer in Central Asia to address global food instability.
Transit-transport cooperation: The President emphasized the significance of bolstering efforts to develop both existing and new transportation routes, such as the Trans-Caspian International Transport Route and the North-South Corridor.
Technological cooperation: Tokayev underscored the importance of collaboration in artificial intelligence (AI) to ensure sustained global economic growth. He expressed support for China's "Global Initiative on Artificial Intelligence Management" and expressed Kazakhstan's interest in partnering with leading Asian technology firms to materialize joint innovative IT projects.
Critical raw materials: The President affirmed Kazakhstan's ongoing collaboration with international partners to devise optimal strategies for developing its substantial deposits of uranium, lithium, titanium, and other rare earth elements.
