‘Asia-Pacific needs to be more integrated’

“We have to harness the prosperity and probability of this region for the socio-economic development of the people,” said Bangladeshi President Abdul Hamid as he inaugurated the “Asia Pacific Business Forum” at the Sonargaon Hotel in Dhaka.
The objective of the two-day conference is to discuss the role and needs of businesses in achieving inclusive, resilient and sustainable development.
The event comes at a time when the 28-bloc European Union, the model of economic integration, is soul-searching after the shock Brexit vote and the new US administration’s inward-looking trade policies. 
The International Chamber of Commerce Bangladesh (ICCB) co-organised the event with the United Nations Economic and Social Commission for Asia and the Pacific (UNCTAD) and the Commerce Ministry of Bangladesh.
This is the first time that Bangladesh is hosting the event, which has been taking place since 2004.
More than 400 delegates, including members of the governments, civil society and business community, from home and abroad are taking part in the conference themed “Asia-Pacific Business Forum: Regional Integration to Achieve Sustainable Development”.
Hamid said the Asia-Pacific region had immense potential considering its geopolitical location and diversity and was enriched with abundant natural resources, vast ocean, and a wide range of markets. 
“The South-South and Triangular cooperation is necessary to promote and encourage global partnership and solidarity to transform the conditions of the least developed countries and the landlocked developing countries,” he said.
The private sector is the main driver of economic growth and can promote closer integration in each country, said Wencai Zhang, vice president for operations at the Asian Development Bank, adding that it would also play an important role in achieving SDGs.
Drafted by the United Nations, SDGs are a set of 17 aspirational “Global Goals” with 169 targets that must be achieved by 2030. Zhang went on to reiterate the Manila-based lender’s commitment to the private sector and infrastructure development in the region.
He also said large infrastructure projects were required to boost regional integration.
Bangladeshi Finance Minister AMA Muhith said: “We always talk about cooperation and partnership but we talk very little about integration. But integration is what the world needs most at this moment – we have to take the word ‘integration’ literally.”
He said that if the region became more integrated it would be of great service to its people. 
Mukhisa Kituyi, secretary-general of UNCTAD, called for greater cooperation between the public and private sectors to support development.
Rishad Bathiudeen, industry and commerce minister of Sri Lanka, talked about his country’s emphasis on public-private partnership to execute infrastructure projects.
Romi Gauchan Akali, commerce minister of Nepal, said his country was sitting on huge untapped natural resources.
“If these natural resources can be harnessed properly it will meet the energy demand of South Asia.”
He also said the government of Nepal welcomed foreign direct investment in the energy sector and stood ready to extend all sorts of assistance to companies to do business in the country. 
Transformative social and economic changes have taken place in Bangladesh since its birth, said Gowher Rizvi, international affairs adviser to the prime minister of Bangladesh. “Today’s Bangladesh is a new Bangladesh,” he added.
Global development discourse will be guided by the SDGs over the next decade and a half, said Mahbubur Rahman, president of the ICCB.
“This comprehensive and transformative agenda reiterates the role of the private sector several times, particularly in ensuring sustained and inclusive economic growth, responsible consumption and production, and the creation of more decent jobs.”
The SDGs demand a committed private sector in conducting their businesses in a more responsible and accountable manner, he added.
ICCB vice president Latifur Rahman thanked the government and all other organisations for supporting the event, while Victor K Fung, former global chairman of the ICCB, Tofail Ahmed, commerce minister of Bangladesh, and ICCB vice president Rokia Afzal Rahman were also present.
Shamsad Akhtar, under-secretary-general of the UN Economic and Social Commission for Asia and the Pacific, also spoke.