The Boao Forum for Asia (BFA) Riyadh Conference was held in Riyadh, Saudi Arabia, on November 27, theming “Transition Towards Regional Economic Diversification & Sustainable Development."
With the continuous advancement of productivity and the in-depth development of economic globalization, the world economy has entered a dynamic process of major transformation and is currently at another important juncture. Many countries are shifting their economies towards ones driven by innovation and domestic demand, with more focusing on green and sustainable development. The Asian region is emerging as a core engine of world economy and a major testing ground for economic transformation.
In such a context, the Boao Forum for Asia (BFA) Riyadh Conference focused on the theme of economic transformation and delved into topics on how to enhance economic independence, resilience and stability by diversifying economic structure, how to promote sustainable development through energy transformation, and how to address global challenges through more effective international cooperation, with a view to exploring new drivers and new space for Asia’s economic development.
In his key note speech, Mr. Zhang Jun, Secretary General of Boao Forum for Asia (BFA), said that the theme of the conference presents a fundamental question that carries far-reaching significance, not only for Asia but also for the world as a whole. “We meet at a time our world is undergoing profound changes, unseen in a century,” he added, adding that “Asia not only reclaims its role as the world’s primary growth center, but also emerges as a pioneer in economic transformation, making its economic growth more resilient.”
Mr. Ban Ki-Moon, Chairman of BFA Board, former Secretary General of the United Nations, also shared that too many surprises have taken place all along the way from geopolitical conflicts in Ukraine and Gaza to hefty tariffs imposed on major trading nations and the world is becoming less predictable, more divided, and more dangerous, unfortunately.
He affirmed that this distracted people from sustainable development and the 2030 agenda, countries are less interest and willingness to work together in response to growing global challenges. “We are facing a much different world from one year and a half ago, when we were here for the first BFA conference,” he said. “We must change this one.”
Mr. Abdulrahman Al-Fageeh, CEO and Executive Board Member of SABIC, Board Member of BFA, said that the theme of BFA Riyadh Conference is not only timely but critical to the future of the Asia region and the world.
“Asia’s journey toward diversification and sustainability is not merely an economic imperative; it is a global responsibility,” he added. “The sheer scale of Asia’s economy and population means that our choices today will define the quality of life for billions tomorrow. We are at a crossroads where the path we take will determine whether we build a resilient, prosperous, and sustainable future, or we succumb to the challenges of climate change and economic instability.”
As a co-host, SABIC is deeply committed to the goals of this forum, and to driving the sustainable transition that is central to the Kingdom of Saudi Arabia’s Vision 2030. SABIC is transforming to be a leader in the global energy transition, guided by the principles of circularity and carbon neutrality. Chemicals are the building blocks of almost every other industry, from clean energy technologies to sustainable consumer goods.
According to Mr. SABIC’s transformation strategy is rooted in three key pillars: decarbonization; circular economy and sustainable products. The transition requires more than just company initiatives; it requires deep regional collaboration. No single country or company can solve the challenges of diversification and sustainability alone.
“We must foster an environment of openness, shared technology, and coordinated investment,” said Mr. Abdulrahman Al-Fageeh. “Platforms like the BFA are vital in creating the trust and dialogue necessary to forge these partnerships. Let us embrace the shared responsibility for a sustainable future, leverage the power of regional cooperation, and deliver on the promise of economic diversification for the benefit of all our peoples.”
Besides, in the Session 1 with topic “Diversification: The Way to Enhance Economic Resilience,” speakeres discussed on the changes and restructuring of world economy; The shifting of economic growth model toward innovation and domestic demands-driven, with greater emphasis on green and sustainable development, fairer and more equitable distribution of benefits, and more diversified global industrial and supply chain layouts; The shifting from single-player dominance to multi stakeholder collaboration of economic governance model.
For Asia, this transformation brings both opportunities and pressure. Accordingly, speakers shared that how do we take proactive policy measures to seize the opportunities and achieve strong, sustainable economic growth is a common challenge facing countries in the region.
In aprrticular, economic diversification is the essential path and inevitable choice, especially for Gulf countries to reduce reliance on oil revenues, enhance economic resilience, and achieve stability and sustainable development. Besides, therse are ambitious initiatives, such as Saudi Vision 2030, focus on public wellbeing programs and infrastructure construction, and increase investments in new energy, AI, digital economy, high-tech sectors, and more; The non-oil sectors in many countries have grown beyond expectations.
In Session 2 with topic “Energy Transition and Sustainable Development”, speakers shared the important role of the energy sector to address the major global challenge of climate change; What encouraging progress has been made in clean energy, electrification & energy conservation, carbon management, power grids, and energy storage?; What gaps and shortcomings still need to be addressed?; How should traditional energy sources cope with the challenges brought by the energy transition?; At the policy level, how to strike a balance between energy security and green transition?
The BFA Riyadh Conference attracted more than 300 delegates from the political, business, and academic sectors in over 10 countries and international organizations.
The BFA is a high-level, non-profit platform based in Hainan, China, bringing together leaders from governments, businesses, and academia to advance regional economic integration and address Asia’s development challenges.
Originally proposed by former leaders from the Philippines, Australia and Japan, it was formally inaugurated in 2001 as a regional counterpart to forums like Davos. Its annual meetings in the coastal city of Boao in Hainan, China, shapes dialogue on global and Asian priorities including trade, innovation, and sustainability.
The BFA event in Riyadh, co-hosted with the Saudi petrochemicals company SABIC, marks the forum’s strategic overseas expansion, connecting Asia and the Middle East.
This event focuses on energy transition, investment, and sustainability, helping build cross-regional partnerships and reinforcing Asia’s growing influence in global economic and policy affairs.
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