Nazarbayev calls to reform global monetary system

The 12th session of the Boao Forum for Asia was held in China, Tengrinews.kz reports. Kazakhstan President Nursultan Nazarbayev took part in the Forum. Nazarbayev noted in his speech that a major industrial potential is concentrated in Asia that is also a center of economic activity that sets the pace for the global markets. According to the President, the next stage will include making the continent a key source of ideas of development models. "It will form the international agenda not only for the economy but also for many other sectors," Nazarbayev said. The President of Kazakhstan noted that it is necessary to consider interests of all the countries during selection of ways of development of Asian countries. "In May 2012 Kazakhstan suggested to establish the G-Global platform, as G8 and G20 did not offer the world a new architecture of further economic development. This is our initiative in support of the dialog to search for ways to overcome the global crisis that has affected 140 countries," the President said. Nazarbayev also noted a need for a gradual transition to an adequate and effective financial architecture. Development of the international trade and investments, according to the President, requires coordination of the financial and credit policy around the world. "This will allow to lower the risks, join the efforts for working in the preventive mode. Many experts support the idea of reforming the international financial architecture, in particular, the global monetary system that has showed its lameness during the last crisis," Nazarbayev said. According to Kazakhstan President, Eurasia has all the capacities to take the central place in the global system, as it produces over 50 percent of all the goods and is home to two thirds of the world's population. "The evolutionary development requires investments in science and education. We have to step up interaction in scientific, research and innovative work. That's why it is practical to develop an Asian action plan of the innovative cooperation between our countries," Nazarbayev said. Besides, he noted the necessity of expanding cooperation between Asian countries in transport and logistics, energy and especially in green technologies, as well as in agricultural sector for cooperation in food development programs and establishment of agricultural scientific-research contacts. The Boao Forum for Asia was also attended by presidents of Zambia, Mexico, Myanmar, Peru, Finland, Sultan of Brunei, heads of the governments of Australia, Cambodia, New Zealand, President of Algeria's Council of the Nation, as well as representatives of the UN General Assembly and the International Monetary Fund. They also discussed plans to promote the regional economic integration and joint development of the Asian countries. President of China Xi Jinping noted in his welcoming speech that Asia has a huge potential, however cooperation with other continents require it to be fully unleashed. He reminded that the contribution of the Asian countries into restoration of the global economy exceeds 50 percent of the global volume. Xi Jinping noted four major directions of development of the Asian world: reforms and innovations in the economy, preservation of peace and stability, enhancement of cooperation between the countries, as well as openness and tolerance. By Dmitriy Khegai