Kassym-Jomart Tokayev participated in the opening ceremony of the plenary session of the Boao Asian Forum (BAF), which is held annually in the Chinese province of Hainan. This year, the 23rd forum is held under the motto «Asia and the World: Common Challenges, Common Responsibility,» reports Akorda.

The President of Kazakhstan spoke at the forum as an honorary guest.

Welcoming the participants of the event, the Head of our state noted the important role of this platform as a center for dialogue and international cooperation amid unprecedented global uncertainty, fueled by geopolitical turbulence and economic shocks.

«By the middle of the decade, it is becoming increasingly clear that the growth rates of global GDP will be the lowest in the last 30 years. One of the serious challenges facing the global economy continues to be tension in trade relations between leading countries. The policy of protectionism and the intensification of trade disputes disrupt global supply chains, restrain economic growth, and undermine investor confidence. Obviously, the global economy needs new development paradigms. The inability to solve this problem may result in missed opportunities in the coming decade,» noted Kassym-Jomart Tokayev.

As the president emphasized, in this respect, Asia is leading the way to a new era of sustainable development.

«It is expected that this year Asia will provide 60% of global GDP growth. The continent accounts for 53% of global trade, and several of the world’s largest and most dynamically developing economies are located here. Direct foreign investment in Asia has significantly increased in recent years. This region is also home to the world’s leading technology centers, providing 70% of patent developments. The continent has significant human resources, with 21 out of the 30 largest cities in the world located in Asia. Out of the expected $30 trillion growth in middle-class consumption by 2030, only $1 trillion is expected to come from Western economies. Collectively, all these factors point to the so-called ‘Asian Renaissance,'» said the leader of Kazakhstan.

Kassym-Jomart Tokayev noted that the Asian region has good potential to continue stimulating global growth and development in the coming years.

«In this regard, the Boao Forum has become the embodiment of the Asian innovative approach to achieving universal economic progress. It has also established itself as an exceptional symbol of China’s commitment to global development,» emphasized the President of Kazakhstan.

According to Kassym-Jomart Tokayev, today Kazakh-Chinese relations represent a model of effective partnership, within which our country has become China’s main trade and economic partner in Central Asia.

«Kazakhstan accounts for half of China’s trade and investment in the region. Last year, trade between Kazakhstan and China reached a historic record of $41 billion. In 2023, the volume of cargo transportation between our countries increased by 22%, amounting to almost 30 million tons. The grandiose megaproject ‘One Belt, One Road’ was first presented during the visit of Chinese President Xi Jinping to Kazakhstan more than ten years ago. This project serves as a key bridge between the East and the West, and 80% of all land transportation between China and Europe is carried out through Kazakhstan. This is an important advantage that we must fully utilize. Our own investments are strategically linked to the ‘One Belt, One Road’ initiative and aimed at creating a modern multimodal, environmentally safe, and sustainable infrastructure,» stated Kassym-Jomart Tokayev.

He paid special attention to the new economic course of Kazakhstan.

«Last year, our country’s economic growth was 5.1%, which is almost twice the projected growth rate of the global economy. In the medium term, we intend to maintain growth at no less than 6% and double the volume of our economy by 2029. To achieve this goal, I have proclaimed a new economic course. This initiative is aimed at implementing structural reforms to build a stronger and more dynamic country. The open-door policy, vast resources, and liberal market reforms in Kazakhstan have attracted many foreign companies, including Chinese ones. In this regard, we invite Asian partners to invest in our economy and thus open new paths for mutually beneficial cooperation,» proposed the president.

Kassym-Jomart Tokayev believes that measures to improve the fiscal and monetary system, expand financial flows, and improve the quality of institutions will contribute to the formation of a market and competitive economy, making it more transparent, reliable, and dynamic.

However, as he noted, achieving this goal and simultaneously countering modern global challenges requires a united effort. In this regard, the leader of Kazakhstan outlined several current tasks that the global community should unite to implement.

As the president emphasized, the world needs a new multilateral trade system based on the principles of fairness and openness.

«Today, increasing trade barriers, protectionism, and violation of agreements create serious challenges for the global economy. Solving these problems requires the elimination of unfair trade barriers and increasing the transparency of supply chains through digitalization,» said Kassym-Jomart Tokayev.

He believes that new approaches should also be applied to the global financial system. As stated in the speech, equal opportunities for all countries should be at the forefront, not just benefits for the chosen few. The leader of Kazakhstan called on the international community to take more effective measures in the field of sustainable financing.

«The huge Asian bond market, with its colossal market capitalization, has great potential to support many development projects. The Eurasian Development Bank plans to issue the first panda bonds as a new financial investment instrument. It can become critically important for financing global infrastructure projects,» noted the Head of State.

The president separately addressed the situation with food security.

«Almost a third of the world’s population still experiences a shortage of food. Kazakhstan, being a leading producer of wheat in Central Asia, intends to use its agricultural potential to ensure global food stability. Together, we must strengthen international cooperation by creating targeted programs, joint agro-innovation centers, and transferring innovative technologies,» said the president.

Kassym-Jomart Tokayev also pointed out the strategic importance of expanding transit and transport cooperation between Asian countries.

«It is extremely important to increase our efforts to develop both existing and new transport routes. This includes the Trans-Caspian International Transport Route, or the so-called ‘Middle Corridor,’ which most effectively ensures the security of supply chains between Asia and Europe. Last year, the volume of cargo transportation along this route doubled and amounted to 3 million tons. In the coming years, we expect this figure to reach 10 million tons. At the same time, Kazakhstan is ready to cooperate with its neighbors in the development of the ‘North-South’ corridor,» said the Head of State.

The leader of Kazakhstan considers it important to strengthen technological cooperation, especially in the field of artificial intelligence (AI) to ensure sustainable growth of the global economy. In this context, he supported the «Global Initiative on Artificial Intelligence Governance» proposed by China.

Kassym-Jomart Tokayev expressed Kazakhstan’s interest in cooperating with leading Asian technology giants to implement joint innovative IT projects.

Another promising direction of cooperation mentioned by the President is the extraction of critical raw materials.

«Rare earth metals have become an important component for a wide range of technologies. They are necessary for achieving zero emissions balance, as well as in such strategic sectors as industry, digital technology, space and defense.  We are continuing the work with international partners regarding the most effective methods of development of major uranium, lithium, titanium and other rare-earth metals deposits’’ – said the President of Kazakhstan.

In conclusion, Kassym-Jomart Tokayev once again expressed confidence that Asia, by leveraging its economic, technological, and cultural advantages, can play a decisive role in shaping the future world. In this context, he noted the practical perspective of such important international dialogue platforms as the Boao Asian Forum and the Astana International Forum (AIF). Seizing the opportunity, the President invited the guests of BAF to participate in the upcoming AIF forum in June this year.