Asia Must Boost Cooperation for Shared Destiny: Dr Yunus

Chief Adviser Professor Muhammad Yunus spoke at the Boao Forum for Asia (BFA) conference in Hainan today

Chief Adviser Prof Muhammad Yunus on Thursday emphasised the need for Asia to enhance cooperation in four crucial sectors — finance, trade, food and agriculture, and technology — as Bangladesh grapples with multiple challenges shared by other Asian nations.

"In this changing world, the destinies of Asian countries are intertwined. We must chart a clear roadmap for a shared future and shared prosperity," he stated while delivering a speech at the Boao Forum for Asia Annual Conference.

Prominent figures including Zhang Jun, Secretary General of Boao Forum for Asia; Ban Ki-moon, former UN Secretary-General; and Ding Xuexiang, Executive Vice Premier of China, were among those who addressed the session.

Dr Yunus stressed that for over seven years, Bangladesh has been hosting over 1.2 million forcibly displaced Rohingyas from Myanmar, bearing significant social, economic, and environmental costs.

"While global efforts are shrinking, Asian leaders must unite to ensure the safe and dignified repatriation of the Rohingyas to Myanmar," he added, warning that the protracted crisis in Myanmar threatens regional stability.

He referenced the ongoing genocide in Gaza, calling it a humanitarian issue, not just an Arab or Muslim concern. He also pointed out how the Ukraine crisis continues to toll the global supply chain.

Calling for sustainable financing, he said, "We need reliable funds to address our challenges and meet our growing demands." He noted that Asia remains one of the least integrated regions, stifling investment and trade. "Boosting trade cooperation is imperative," he asserted.

On food security, he stressed promoting resource-efficient farming and enhancing domestic production to reduce import dependence and achieve self-sufficiency. He called for innovation in regenerative and climate-smart farming.

Dr Yunus also underscored the importance of building a strong tech ecosystem that is restorative, distributive, and inclusive. "Sharing knowledge, data, and investing in technology incubation will drive progress," he said.

He emphasised mobilising intellectual resources and youth power at the centre of collective actions. "We must lay the foundation for a new civilisation — a self-preserving and self-reinforcing society," he stated.

Promoting a zero-waste lifestyle, he said, "Consumption should be limited to essential needs. Our economy must focus on social business where innovation, purpose, and responsibility converge."

Dr Yunus called for forums like Boao to enhance youth and entrepreneurial collaboration for a better future. He advocated the concept of a "three-zero" person — zero net carbon emissions, zero wealth concentration, and zero unemployment through entrepreneurship in social business.

He warned of global financial market instability, political uncertainties, and trade disruptions creating volatility. "Rising interest rates and debt servicing costs are deepening Asia's debt crisis. Despite global commitments to the 2030 Agenda, progress remains slow," he said.

Dr Yunus highlighted that only 24% of SDG targets have been met, with Asian developing countries facing an SDG financing gap of $2.5 to $4 trillion annually. He called for large-scale investments in infrastructure and economic diversification through responsible financing.

He noted that corruption and illicit financial flows cost developing countries around $1 trillion annually — multiple times more than the total ODA they receive. He urged a multilateral mediation mechanism for asset recovery.

On food security, he said rising commodity prices are straining household budgets, particularly for low-income families. Climate change and natural disasters further exacerbate the crisis. "Strengthening food supply chains is essential," he stressed.

Energy security, he said, is crucial for net-importing developing countries. Energy supply disruptions drive inflation, economic instability, and debt distress. He advocated scaling up investments in renewables.

He highlighted the importance of investing in health and education, stating that a well-educated, skilled workforce drives economic growth. "Countries that invest in universal healthcare see better economic productivity. Digital education and vocational training must prepare our youth for future jobs," he added.

Sharing thoughts on the theme, "Asia in the Changing World: Towards a Shared Future," Dr Yunus said the forum takes place at a critical juncture with global governance under strain, geopolitical tensions rising, and climate change escalating.

"Political will for development cooperation is weakening, and the world faces an alarming shortfall in collective action. Asia, home to 60% of the global population and 55% of global GDP, is at the centre of these changes," he said.

He stressed that emerging norms, regulations, and technologies are reshaping governance and economic policies. "The need for regional and global cooperation has never been more pressing," he noted.

Recalling his participation in the 2007 Boao Forum, where he shared insights on microcredit, Dr Yunus said the current economic model thrives on limitless consumption, over-extracting resources in the name of growth. "We must shift towards sustainable economic models that prioritise people and the planet," he said.

He warned that climate change poses an existential threat. In the Asia-Pacific region, climate disaster-related economic losses amount to $65 billion. Climate-vulnerable countries like Bangladesh are forced to divert resources to disaster response, limiting productive investments.

"We need new, accessible, non-ODA, non-debt-creating, grant-based climate finance, with equitable distribution between adaptation and mitigation," he said.

He emphasised that universal access to life-saving medicines and technologies must be guaranteed.

Reflecting on Asia's rich cultural diversity, Dr Yunus said its tapestry of languages, traditions, and philosophies stands as a testament to resilience and creativity. He highlighted how philosophies such as Islam, Confucianism, Buddhism, and Hinduism have shaped global thought.

"Asia has flourished by embracing diversity. Over centuries, vibrant cultural exchanges have shaped not only the region but also the world," he said.

He added that Asia's demographic dividend presents immense potential. "A growing workforce, particularly young people, can drive innovation. We must provide them access to finance for entrepreneurship and sustainable solutions."

He called for investing in human capital and aligning education with the global job market to ensure Asia's future competitiveness. Addressing the persistent gender gaps in leadership, he urged removing barriers to women's economic empowerment.

"We must ensure equal access to opportunities for women," he stressed.