Boao Forum to hold Global Economic Development and Security Forum in defense of multilateralism

Mahendra Subedi in Beijing


The Secretariat of the Boao Forum for Asia (BFA) announced to launch the Global Economic Development and Security Forum meant for promoting multilateralism and facilitating the common issues of development. The first high-level meeting of the Global Economic Development and Security Forum is scheduled to take place in China in 2020, according to the officials.

It is argued that BFA set up the “Global Economic Development and Security Forum” in response to the needs for interactions in an ever-changing international environment and provide a high-level dialogue and exchange platform focusing on new economic drivers and hot-button security issues.

At a news conference in Beijing today, Secretary General of BFA LI Baodong argued that the sub-forum was initiated as a dedicated platform to explore the topic of economic development and security..

According to LI, the world economy is confronted with lackluster growth, unbalanced development, as well as growing problems in financial security, food safety, logistics security and ecological security. “While the application of new technologies such as the Internet and big data has provided new growth opportunities, it has also brought new challenges in cyber security, digital economy, and information & privacy security. International economic cooperation needs to address such emerging issues as public security governance, cross-border investment and security,” he shared.

He was of the view that interrelationship between economic development and security becomes increasingly evident because it attracts growing attention as a major international issue.

Likewise, President of the Global Economic Development and Security Forum Tsang Waihung said that economic development and security are always correlated but added that the world economic development and security are under pressure.

He said “Countries face issues such as coping with international economic frictions, preventing financial risks, maintaining ecological security, ensuring energy and resources security, ensuring food and water security, and maintaining fiscal sustainability. The social security issues caused by the widening gap between the rich and the poor and unemployment also merit our attention.”

Non-traditional security situation is becoming more complex though countless efforts are being made, he said, adding that the issues of terrorism threats, trans-border drug trafficking, and trans-national organized crimes haven’t been uprooted.

According to Tsang, we need to strengthen our security response not only on the “pragmatic” side, such as improving the law enforcement cooperation mechanism, but also on the “facilitating” side, providing platforms for all to voice their opinions, especially to expand the mechanisms for regular dialogue and cooperation. Either in Asia or across the world, there are still very few dialogue and cooperation mechanisms in this regard.

Likewise, Executive Director of Global Economic Development and Security Forum Lei Qiang said security issue is interconnected for the economic development while pitching for a high-level dialogue forum for promoting innovative economic development.

Published on 29 August 2019