Chief Adviser Professor Muhammad Yunus has said that his interim government has initiated critical reforms to restore public trust in Bangladesh.
"Our youth and citizens demonstrated exceptional resolve and strength to redefine the future of Bangladesh. To restore public trust we have initiated critical reforms," he said while addressing the opening plenary of Boao Forum for Asia (BFA) conference in China Today, Thursday.
The theme of the conference is "Asia in the Changing World: Towards a Shared Future."
Professor Yunus said independent commissions have been launched to reform the electoral system, judiciary, civil administration, and law enforcement.
"These reforms, when implemented, will bring about fundamental transformation of our nation," he added.
The chief adviser said: "As we build a new Bangladesh, we face multiple challenges which are shared by other Asian countries."
In particular global financial market instability, political uncertainties, diplomatic tensions, and trade disruptions create volatility, he said.
He said rising interest rates and debt servicing costs are deepening Asia's debt crisis.
Professor Yunus said despite global commitments to the 2030 Agenda, progress is slow. Only 24 per cent of SDG have been met.
He mentioned that developing Asian countries face an SDG financing gap of 2.5 to 4 trillion US dollars annually.
Beyond SDG financing, Asia also needs large scale investments in infrastructure and economic diversification through responsible financing, he said.
The Chief Adviser said Bangladesh has been a victim of corruption and illicit financial flows, while these corrupt practices cost developing countries an estimated 1 trillion US dollar annually which is multiple times more than the total ODA they receive.
He said Asia should stand united to establish a multilateral mediation mechanism for asset recovery and return.
"Food security is under increasing pressure. Rising prices of essential commodities are straining household budgets, especially for low-income families," Professor Yunus said.
Climate change and natural disasters are exacerbating this crisis, he said, adding that strengthening food supply chains is essential.
He said energy security is critical, especially for net-importing developing countries, while energy supply disruptions drive inflation, economic instability, and debt distress.
"We must find sustainable energy solutions and scale up investments in renewables," he added.
The Chief Adviser stressed investing in health and education for human capital development. Countries that invest in universal healthcare see better economic productivity, he noted.
Digital education and vocational training must be expanded to equip our youth for the jobs in future, he asserted.
About global crisis, Professor Yunus said geopolitical tensions are rising; climate change is escalating; debt burdens are unsustainable; and humanitarian crises are growing.
Political will for development cooperation is weakening, while the world faces an alarming shortfall in collective action, he said.
The chief adviser observed that Asia, home to 60 per cent of the global population and 55 per cent of global GDP, was at the center of these changes.
He said emerging norms, regulations, and technologies are reshaping governance and economic policies.
"Assumptions that shaped policies a decade ago are no longer relevant. The need for regional and global cooperation has never been more pressing," Professor Yunus added.
Former UN Secretary-General and Chairman of the Boao Forum for Asia Ban Ki-moon, Executive Vice Premiere of the State Council of the People's Republic of China Ding Xuexiang and Secretary General of Boao Forum for Asia Zhang Jun also spoke on the occasion.
Yunus for economic models prioritising people, planet
The chief adviser also stressed shifting toward sustainable economic models prioritising people and the planet over profits.
"We must shift toward sustainable economic models that prioritise people and the planet over profits," he said.
Professor Yunus said human civilisation is at risk as people continue to embrace self-destructive economic values.
The dominant economic model thrives on limitless consumption and it justifies over-extraction of resources and environmental degradation in the name of growth, he said.
Mentioning that the climate crisis poses an existential threat to humanity, the chief adviser said in Asia-pacific region, climate disaster-related economic losses are already enormous, which is equivalent to USS 65 billion.
He said climate vulnerable countries like Bangladesh are forced to divert resources toward disaster response, limiting investments in productive sectors.
"We need new, additional, accessible, non-ODA, non-debt-creating, grant-based climate finance, with an equitable distribution between adaptation and mitigation," he added.
Professor Yunus said universal access to life-saving medicines and technologies must be guaranteed.
He said the COVID-19 pandemic was a wake-up call, highlighting deep inequities in global health systems. Asia should take a united stance in the ongoing negotiation of the Pandemic Treaty, he said.
Pointing out the advancement of technology, Professor Yunus said, Rapid strides in data driven technology, robotics, quantum computing and artificial intelligence, are shaping the world.
Lower capability, capacity, and resource mobilisation in Asia compared to advanced economies, could further widen digital divide, he observed.
Data sovereignty and security is a critical concern, he said, adding that, if technology evolves irresponsibly, it could pose existential risks.
Asia must close the digital divide and build regional capacity in technology, innovation and incubation, he added.