CAREC Institute Highlights the Crucial Role of Regional Collaboration at the Inaugural International Forum on Asian Development

The senior management of the CAREC Institute — Director Mr. Kabir Jurazoda, Deputy Director One Dr. Jingjing Huang and Deputy Director Two Dr. Kuat Akizhanov — participated in discussions about economic transformations in Asia and their implications for global development. The inaugural International Forum on Asian Development, jointly organized by the Centre for International Studies on Development and Governance at Zhejiang University, the Institute for International Affairs (Qianhai) at the Chinese University of Hong Kong, Shenzhen and the Research Center for Regional Coordinated Development at Zhejiang University, with support from the Asian Development Bank (ADB) and the ADB-PRC Knowledge Sharing Initiative in Hangzhou city of Zhejiang Province, brought together scholars, government representatives, and industry experts to examine the relevance of existing studies for the future, identify knowledge gaps, and define a research program for the next three years.

Mr. Kabir Jurazoda in his opening remarks warmly congratulated participants on the commencement of such a momentous forum, which underscores the importance of drawing lessons from Asian history, enhancing understanding of modernization, steering sustainable development amidst an ever-changing landscape, and encouraging multi-stakeholder cooperation for the adaptation of research. He noted that Asia is currently facing an array of increasingly complex challenges, and to sustain the momentum of prosperity in the region, nations should work together to bridge knowledge gaps, understand the unique drivers of Asian development, and collectively tackle the challenges. The CAREC Institute, as the knowledge arm of the CAREC Program, will foster the exchange of knowledge, providing a platform for innovative ideas and solutions to regional challenges.

During the Session 3 “Knowledge Gap and Research Agenda” of the forum, Dr. Kuat Akizhanov spoke about evolution of the field of economics after the 2008 Global Financial Crisis, leading to a deeper understanding of financial market dynamics, risk management, and regulatory frameworks. Key developments included a renewed focus on the role of financial institutions, the impact of globalization on economic stability, and the importance of addressing income inequality and systemic risks. Dr. Akizhanov especially highlighted that in times of so many policy-making decisions and theoretical concepts on development being discredited by ongoing climate crisis and rising socio-economic inequality throughout the world, the Asian Development Path remains a solid alternative to the mainstream ideas. There was a growing recognition of the interconnectedness of national economies and the need for international cooperation to prevent future crises. He further presented research initiatives of the CAREC Institute in following domains: 1) Digitalization and Sustainability, 2) Infrastructure and Connectivity, and 3) Socioeconomic Impact. He emphasized the Institute’s commitment to delivering impactful knowledge products, scientific findings, and capacity-building initiatives that translate into practical policy actions for the benefit of regional countries. These and other topics will be delivered during the CAREC Institute’s Think Tank Development Forum and Research Conference to be held this year in Almaty (Kazakhstan) on 26-30 August.

Dr. Jingjing Huang moderated the discussion session on “changing contexts,” which included experts’ presentations of the impacts of climate changes, deglobalization and digital transformation on Asian development.