Kassym-Jomart Tokayev, the President of Kazakhstan, revealed that the historic trade turnover between Kazakhstan and China hit a record-breaking $41bn last year during his address at the opening ceremony of the 23rd Boao Forum For Asia held in Hainan, China. The annual event, themed "Asia and the World: Common Challenges, Shared Responsibilities," serves as a platform for global leaders to address pressing issues, Akorda reported.
Addressing a gathering of international leaders and delegates, President Tokayev hailed the Boao Forum as a pivotal platform for fostering dialogue and cooperation amid global uncertainties stemming from geopolitical tensions and economic instability.
"By the middle of the decade, it is becoming increasingly clear that global GDP growth will be the lowest in 30 years," remarked President Tokayev, highlighting the pressing challenges facing the world economy, including trade tensions and protectionist policies disrupting supply chains and investor confidence.
Emphasizing Asia's pivotal role in driving global growth, President Tokayev noted that the continent is expected to account for 60% of global GDP growth this year. He cited Asia's vibrant economies, technological innovation hubs, and burgeoning middle class as key drivers of what he termed an "Asian Renaissance."
“The continent accounts for 53% of global trade and is home to some of the world's largest and most dynamic economies. Foreign direct investment in Asia has increased significantly in recent years. This region is also home to the world's leading technology centers, accounting for 70% of patent development. The continent has significant human resources, with 21 of the world's 30 largest cities located in Asia. Of the expected $30 trillion in growth in middle-class consumption by 2030, only $1 trillion is expected to come from Western economies. Taken together, all these factors point to the so-called “Asian Renaissance,” President Tokayev voiced.
The Kazakh leader underscored the importance of the Boao Forum as a symbol of China's commitment to global development and highlighted the strong bilateral relations between Kazakhstan and China. He cited the historic trade turnover between the two nations, reaching a record $41bn last year, and Kazakhstan's strategic position as a key transit hub for the ambitious Belt and Road Initiative.
“In 2023, the volume of cargo transportation between our countries increased by 22%, amounting to almost 30 mn tons. The grandiose mega-project “One Belt, One Road” was first presented during the visit of Chinese President Xi Jinping to Kazakhstan more than ten years ago. The project serves as a key bridge between East and West, with Kazakhstan carrying 80% of all land transport between China and Europe. This is a critical advantage that we must take full advantage of. Our own investments are strategically linked to the One Belt, One Road initiative and are aimed at creating a modern multimodal, environmentally friendly and sustainable infrastructure,” Kassym-Jomart Tokayev noted.
President Tokayev outlined Kazakhstan's economic agenda, aiming for sustained growth of at least 6% and doubling the size of its economy by 2029. He called for increased investment from Asian partners to bolster Kazakhstan's economic diversification and development. Moreover, President Tokayev stressed the need for a new multilateral trading system based on fairness and openness, urging the international community to address trade barriers and promote sustainable financing mechanisms.
The president also highlighted Kazakhstan's commitment to global food security through leveraging its agricultural potential and enhancing transit and transport cooperation within Asia and beyond. Furthermore, the Kazakh leader expressed support for technological cooperation, particularly in artificial intelligence, and emphasized Kazakhstan's interest in collaborating with leading Asian technology firms.
President Tokayev reiterated Asia's potential to shape the future global landscape and underscored the importance of platforms like the Boao Asian Forum in fostering international dialogue and cooperation. He extended an invitation to the forum's participants to attend the upcoming Astana International Forum in June.
The plenary session of the Boao Asian Forum also featured addresses from prominent figures including Ban Ki-moon, Zhao Leji, and Mary Robinson, among others, reflecting the diverse perspectives and shared commitment to addressing global challenges.
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