Asia must strengthen cooperation as destinies are intertwined: CA

Chief Adviser Prof Muhammad Yunus on Wednesday said Asia must step up and strengthen cooperation in four key areas -- financial, trade; food and agriculture and technology, stressing Bangladesh faces multiple challenges which are shared by other Asian countries.

"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 said while delivering his speech at the Boao Forum for Asia Annual Conference.

"This is the shared future we in Asia must create together," he added.

Zhang Jun, Secretary General of Boao Forum for Asia; Ban Ki-moon, former secretary-general of the United Nations and Chairman of the Boao Forum for Asia; Ding Xuexiang, Executive Vice Premiere of the State Council of the People's Republic of China, among others spoke at the session.

For more than seven years, Dr Yunus said, Bangladesh has been hosting over 1.2 million forcibly displaced Rohingyas who are Myanmar nationals.

"We continue to bear significant social, economic and environmental costs," he said, adding that UN Secretary-General Antonio Guterres recently visited the camps in solidarity.

While global efforts are drastically shrinking but continuing, Dr Yunus said, Asian leaders must come together to ensure their safe and dignified repatriation to their home country, Myanmar.

The protracted crisis in Myanmar threatens regional stability, he said.

In today's poly-crisis world, the chief adviser said wars and conflicts erode rights and disrupt economies.

The genocide in Gaza continues despite global condemnation, Dr Yunus said, noting that the crisis in Palestine is not just an Arab or Muslim concern, it is a humanitarian issue. "The continued tension in Ukraine is heavily tolling the global supply chain," he said.

Dr Yunus said Asia must create a sustainable financing mechanism. "We need reliable funds that address our challenges and meet our growing demands," he said.

The chief adviser said Asia remains one of the least integrated regions. "This weak integration stifles investment and trade. We must work to boost trade cooperation immediately."

He also said they must promote resource-efficient farming.

"Domestic production must be enhanced for food security. We need to reduce import reliance and achieve self-sufficiency," Dr Yunus said.

Expanding tech-based sustainable agricultural solutions and innovation in regenerative and climate-smart farming is the key, he said.

The chief adviser said Asia must build a strong tech ecosystem, which should be restorative, distributive and inclusive.

"We need to share knowledge, data and invest in technology incubation and innovation," he said, adding that collaboration on digital solutions will drive progress.

The chief adviser said mobilising intellectual resources and youth power must be at the centre of their collective actions. "We must lay the foundation for a new civilization: a self-preserving and self-reinforcing society," Dr Yunus said.

He said they must create a counter-culture based on a zero-waste lifestyle.

Dr Yunus said consumption should be limited to essential needs. "Our economy should focus on social business, which is increasingly regarded as to chart the future of business; where innovation, purpose, and responsibility converge."

He said Boao Forum and other similar initiatives in Asia should enhance collaboration of youth and entrepreneurs to make Asia a better place for the generations to come.

"As I always mention, every young person should grow up as a three-zero person: zero net carbon emissions, zero wealth concentration, and zero unemployment through entrepreneurship in social business," he said.

Dr Yunus said global financial market instability, political uncertainties, diplomatic tensions and trade disruptions create volatility.

Rising interest rates and debt servicing costs are deepening Asia's debt crisis, he said. "Despite global commitments to the 2030 Agenda, progress is slow."

"Only 24% of SDG targets have been met. Developing Asian countries face an SDG financing gap of 2.5 to 4 trillion US dollars annually," Dr Yunus said.

Beyond SDG financing, he said, Asia also needs large-scale investments in infrastructure and economic diversification through responsible financing. Bangladesh has been a victim of corruption and illicit financial flows, Dr Yunus said.

These corrupt practices cost developing countries an estimated 1 trillion US dollar annually which is multiple times more than the total ODA they receive, he mentioned.

Dr Yunus said Asia should stand united to establish a multilateral mediation mechanism for asset recovery and return.

Food security is under increasing pressure.

Rising prices of essential commodities are straining household budgets, especially for low-income families, he said.

Climate change and natural disasters are exacerbating this crisis, Dr Yunus mentioned. "Strengthening food supply chains is essential."

He said energy security is critical, especially for net-importing developing countries. Energy supply disruptions drive inflation, economic instability and debt distress.

"We must find sustainable energy solutions and scale up investments in renewables. Investing in health and education is crucial for human capital development," said the chief adviser.

He said a well-educated, skilled workforce drives economic growth and innovation. "Countries that invest in universal healthcare see better economic productivity. Digital education and vocational training must be expanded to equip our youth for the jobs of the future," he said.

Sharing his thoughts on the theme "Asia in the Changing World: Towards a Shared Future," Dr Yunus said this forum takes place at a critical juncture.

"Global governance under multilateralism is being questioned. Geopolitical tensions are rising. Climate change is escalating. Debt burdens are unsustainable. Humanitarian crises are growing," he said.

The chief adviser said 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 center of these changes.

"Emerging norms, regulations, and technologies are reshaping governance and economic policies. Assumptions that shaped policies a decade ago are no longer relevant. The need for regional and global cooperation has never been more pressing," said the chief adviser.

In 2007, Dr Yunus attended the Boao Forum for Asia to share insights on microcredit.

Dr Yunus said their civilization is at risk as they continue to embrace self-destructive economic values. "The dominant economic model thrives on limitless consumption. It justifies over-extraction of resources and environmental degradation in the name of growth.  We must shift toward sustainable economic models that prioritize people and the planet over profits."

The climate crisis poses an existential threat to humanity, he said.

In the Asia-pacific region, climate disaster-related economic losses are already enormous, which is equivalent to 65 billion US dollars.

Climate-vulnerable countries like Bangladesh are forced to divert resources toward disaster response, limiting investments in productive sectors. "We need new, additional, accessible, non-ODA, non-debt-creating, grant-based climate finance, with an equitable distribution between adaptation and mitigation.

Universal access to life-saving medicines and technologies must be guaranteed," Dr Yunus said.

Asian cultural diversity, with its rich tapestry of languages, traditions, philosophies and customs, is a testament to the resilience and creativity of human civilization, Yunus said.

The philosophies of Islam, Confucianism, Buddhism and Hinduism, among others, have shaped global thought, offering unique perspectives on morality, governance, and the human spirit.

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

Asia's demographic dividend presents immense potential.

"A growing workforce, particularly young people, can drive innovation and productivity. We must provide them access to finance for entrepreneurship and sustainable solutions," Dr Yunus said.

Investing in human capital and an education system aligned with the evolving global job market will shape Asia's future competitiveness, he said.

Women's labour force participation in Asia remains low. Gender gaps persist in leadership and decision-making. "We must remove barriers to women's economic empowerment and ensure equal access to opportunities," Dr Yunus said.