Roundup: BFA Riyadh conference focuses on economic diversification, sustainable development

Riyadh [Saudi Arabia], November 29: The Boao Forum for Asia (BFA) Riyadh Conference 2025 was held on Thursday in Saudi Arabia, highlighting regional economic diversification and sustainable development.
Co-hosted by the BFA and Saudi Basic Industries Corporation (SABIC), the conference featured two sessions: The Way to Enhance Economic Resilience and Energy Transition and Sustainable Development. More than 300 attendees from political, business, and academic sectors, spanning over ten countries and various international organizations, attended the conference.
In his opening speech, Ban Ki-moon, chairman of the Boao Forum for Asia and former UN secretary-general, said that, "the world is becoming less predictable, more divided, and more dangerous ... we're not short of proven solutions and good examples, though."
He noted that there are industries and countries that are making extraordinary progress. In the first half of 2025, renewables overtook coal as the top source of global electricity for the first time. "More encouragingly, it is developing countries that lead the clean energy charge this time."
He also pointed out that Middle Eastern countries, including Saudi Arabia, are actively advancing economic diversification and adhering to multilateralism and an open economy.
He emphasized that open regionalism, rather than seclusion, isolation, or exclusion, is the vocal and powerful response from Asia to an increasingly protectionist world.
Jenny Shipley, former New Zealand prime minister, said that economic transformation requires strategic vision, leadership, and determination at both national and regional levels, adding that Asian countries have made remarkable progress in this regard.
She said the next steps should include strengthening human capital, improving the business environment, upholding multilateralism and international cooperation, and, importantly, promoting women's empowerment and increasing social inclusiveness to foster economic growth and social development.
Abdulrahman Al-Fageeh, CEO of SABIC, stressed that it is essential to pursue diversification of regional economies, advance affordable energy transition, and balance economic, social, and environmental development.
Achieving these goals requires cooperation among all stakeholders to jointly promote trade, investment, and technology sharing, and improve regional value chains, Al-Fageeh said.
"The Boao Forum for Asia ... firmly believes that the global economy can be made to grow through regional diversification ... And that economic growth will deliver innovations that break through current technical limits, businesses that preserve natural resources, and higher standards of living for future generations," he added.
Zhang Jun, BFA secretary general, noted that according to a BFA study, Asia not only maintains its role as the world's primary growth center but also emerges as a pioneer in economic transformation, making its economic growth more resilient. Countries such as China are playing a leading role in this process, he added.
Source: Xinhua News Agency