Global economic institutions not benefiting the young, says Lungu


AFRICA is living in the time and age where the lives of the young generation are characterised by meaninglessness and hopelessness and there is growing need for governments to build global economic and governance institutions that would restore confidence among the people, President Edgar Lungu has said.

And Chinese President Xi Jinping said the interdependence and interconnectivity of countries had made it possible for world economies to become integrated although the eradication of poverty has remained an uphill battle for China and other world countries.

President Lungu said the young generation in many African countries were losing trust in the global economic and governance institutions because the platforms were failing to address their various economic and social challenges.

Addressing the 2015 Boao Forum for Asia (BFA) themed “Asia’s new future: Toward a community of common destiny”, yesterday, President Lungu said it had become imperative for nations to build global institutions into which citizens would buy and improve their lives.

The Head of State said the African Continent had developed various platforms aimed at finding solutions to the social and economic difficulties dodging the young generation.

He told the Boao Forum for Asia conference in Boao, the resort town of Sanya city in Hainan Province that Africa was pre0ccupied with fostering economic development and that the feat was only possible because of the political stability coupled with peaceful transitions the continent was enjoying and known for.

He said peace and political stability were the catalysts for creating strategic sustainable economic development and that Africa had learnt from its past lessons of social and political conflicts to drive its development agenda. President Lungu said Africa was fast moving from a predominatntly underdeveloped in most of its countries to a middle income continent and appealed to AAsian countries to consider exploring major investment opportunities in the region.

“A well-structured dialogue such as the Boao Forum for Asia where we have the captains of industries and academia is a sure means of addressing the many challenges facing the world. We live in a time and age where the lives of the young generations are characterised with meaningless and hopelessness. The young are losing confidence in the global economic and governance institutions because they do not seem to address their challenges. Let us build global institutions that all will buy in and in Africa, we have built various platforms meant to foster economic development but Asia must assist Africa to achieve some of its goals,” President Lungu said.

The President said Africa had come up with the 2063 new vision whose agenda was to ensure sustainable economic development in the next fifty years and that a developmental alliance between Africa and Asia could provide solutions to some of the challenges.

And Mr Jinping, the Chinese President said countries were becoming increasingly interconnected and interdependent and were in a better place to be politically and economically stable.

Mr Jinping in his keynote address to the 2015 Boao Forum for Asia conference said China having emerged from poverty and backwardness had recognised coexistence remained the key principle of sustainable and technological development.

President Jinping said Asia was still being confronted with various traditional and non-traditional security threats and that the growing of its economy and eradication of poverty had remained an uphill battle.

He said poverty and infectious diseases were still haunting the Asian Continent while global peace remained elusive hence creating a global atmosphere of fear and uncertainties among nations.

“To build a community of common destiny, we need to respect each other as nations and continents. There must be equal participation in the world affairs apart from mutual respect of the core values. We have one planet and countries cannot do without one another. We still have climate change and infectious diseases are the major challenges and in peace and respect, we can overcome,” Mr Jinping said.

The Chinese President said China was going to remain a staunch advocate of world peace because turbulences of war were a vector of economic hardships in the world.

And Ugandan President Yoweri Museveni said global prosperity would only be possible if countries peacefully participated in enterprises and consumption because the two factors were the drivers to the social and economic development of countries.

President Museveni said Africa and Asia were working for mutual prosperity and that with increased education; the African continent was steadily creating a middleclass while the buying power in the countries was ever growing.

Armenian President, Austria, Indonesia, Nepal and Sri Lanka also addressed the BFA and each one spoke about the need of promoting world peace for economic development.

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