Regional forum discusses challenges to sustainable development

17:45 | 19/09/2014

VGP – The fifth Asian Development Forum (ADF-5) themed ‘Challenges and strategies towards sustained growth of Asia’ opened in Ha Noi on September 19.

The forum, which is co-organized by the Vietnamese Government, Japan and the Republic of Korea, attracted nearly 100 delegates from 11 countries and territories in Asia and representatives of international development partners.

Addressing the opening ceremony, Minister of Planning and Investment Bui Quang Vinh affirmed the forum’s role in facilitating Asian countries’ discussion on opportunities and challenges in the development of the region and each nation.

According to the Asian Development Bank, Asia has two alternative scenarios for its development between now and 2050. Under the Asian Century Scenario, the regional GDP would ten-fold over that of 2010 while Asian countries are forecast to be trapped by their achieved middle income under the Middle Income Trap Scenario.

To avoid the middle income trap, Asian countries, especially those generating middle income, should take effective and prompt solutions to address difficulties and challenges to achieve their fast and sustainable development targets, Vinh said.

For Viet Nam, the country has taken new development approaches, implemented economic and sectoral restructuring while improving the growth model based on quality, productivity, effectiveness and competitiveness and mobilizing partners’ deep participation into the country’s development process, Vinh added.

During the gathering, the delegates discussed three major contents, including overcoming the middle income trap by developing the infrastructure, institution and human resource; mobilizing financial sources to maintain a sustainable growth; and sharing knowledge and learning experience from each other.

They agreed on common principles based on the human-centered approach, wide participation and long-term sustainability.

In addition, development partners asked for global ties with significant and pro-active participation of all relevant sides and affirmed their commitment to supporting Asian countries to overcome challenges in their development process.

                                                                                                                                By Vien Nhu