Cooperation ‘can help island economies cope with challenges’

More open and inclusive cooperation among island economies will help the region and even the world to cope better with challenges and prevent systemic risks, according to participants at the Boao Forum for Asia Annual Conference 2018.

The keenly awaited summit brings together hundreds of business leaders, industrialists and experts from the region. Discussions at the forum are expected to provide opportunities for greater regional cooperation and help sustain economic growth in the region, according to participants.

“Openness is the lifeline of economies in the new era, especially the island economies”, said Shen Xiaoming, governor of Hainan province, at a panel discussion on Monday at Boao. He was addressing the 21st-Century Maritime Silk Road Islands Economic Cooperation Forum.

The economies should encourage more interconnectivity, freer flow of elements, industrial training and mutual understanding of people in the new era, Shen said.

Island economies have to come closer with connections among industries and people, speakers said.

Vira Rojpojchanarat, Thailand’s minister of culture, cited transportation as an example of regional cooperation in the new era. The Indian Ocean and the Pacific Ocean can be joined with cooperation for mutual benefit, he said.

Chen Xiaodong, China’s assistant minister of foreign affairs, said the nation is keen on working in tandem with others “to build a community of shared destiny for island economies”.

Larry A. Chan, president of Liwayway (China) Co Ltd from the Philippines, said enterprises and communities must cut and economize on the use of plastics for sustainable and green development.

Jose Chaves Alvarez, governor of Palawan in the Philippines, said his province was keen to partner with Hainan in mutual development.

Godfrey Baldacchino, co-holder of the UNESCO chair in Island Studies and Sustainability, at the University of Malta, said he appreciated China’s reaching out to Malta for sustainable development.

Willy Ornebakk, chair of the Troms County Government of Norway, emphasized green growth. “The Arctic is our home for sustainable development in the future,” he said.