The logo of Boao Forum for Asia (BFA) at BFA International Conference Center in Boao, south China's Hainan Province, March 19, 2025. [Photo/Xinhua]
By Yasiru Ranaraja
As the Boao Forum for Asia (BFA) Annual Conference 2025 begins, the world is at the tipping point of profound geopolitical and economic transformations. The growing disparities between Western governments and the inefficacy of governance are now a global core debate; most Global South nations are now focusing on developing interdependent regional cooperation. The shift in dynamics is indicative of the Global South taking an increasingly influential position that works to realize the vision of a group of states that are intent on creating their own path of modernization and development.
The Global South presents a hopeful atmosphere in Asia by leading the way in establishing a path for sustainable economic growth. Over the years, the BFA has established itself as a leading platform for dialogue on global issues, ranging from trade and finance to technology, climate action and sustainable development. As a global platform for countries of the region to build cooperation, mutual trust and forge solutions of common benefit to the wider Global South, the forum is the first of its kind.
The rise of China, India, Vietnam, Indonesia, and other emerging economies continues, highlighting the Global South's increasing impact on shaping a future world with a global power balance. Meanwhile, Europe and the U.S. are beset by growing political turmoil, and the Middle East struggles with instability; nations in Asia engage in increasingly constructive dialogue on shared interests, such as China-Japan-South Korea trilateral talks. These efforts highlight the potential of regional cooperation to surpass old divisions and build new paths forward.
The rapid economic growth of Global South countries demonstrates that the Global South is not merely a passive player but an active participant in the global economy. These nations are uniquely positioned to drive innovation and modernization by developing strategies suited to their specific conditions while responding to the worldwide demand for progress.
The Global South's economic rise is no longer a prediction; it's a fact. Today (as of 2023), these nations alone account for 42 percent of the world's GDP, and this figure has been steadily increasing as emerging economies declined and significant Asian economies grew. Emerging markets, of which many in the Global South, including the powerhouses of China, Brazil and South Africa, now account for over 50 percent of global GDP in 2024. Over the last two decades, more than 1 billion people in developing countries have been lifted out of extreme poverty, a testament to the Global South’s capacity for transformation. Yet, this momentum must be harnessed strategically to bridge the North-South divide.
During the past decade, the Asian region has undergone a profound transformation across multiple sectors, amplifying the Global South's potential, out of which decentralized supply chains have emerged, linking landlocked nations from East Asia to Central Asia and Europe via expanding rail networks, such as the China-Europe Railway Express, which has grown to connect more than 220 cities across 25 European countries since its inception.
The 100,000th China-Europe freight train, coded X8083, departing from the Tuanjiecun Station in Chongqing, southwest China, November 15, 2024. [Photo/Xinhua]
Simultaneously, the East-West sea routes have seen significant development with the rise of major ports like Hambantota in Sri Lanka, Gwadar in Pakistan, new facilities in Chittagong Port in Bangladesh and Tuas Maga Port in Singapore. In India, new greenfield ports are built with associated infrastructure, such as railway lines through the Sagarmala project and the National Maritime Development Program, which emphasize Asian growth.
These developments not only enhance connectivity for landlocked states like Nepal and Central Asian nations but also position Asia as a hub for global commerce, building an antifragile trade system with an alternative towards uniform East-West shipping routes.
However, modernization for the Global South cannot be a rerun of the models used in previous decades. The future course must suit these regional nations' unique opportunities and challenges.
As Chinese President Xi Jinping underlined at the 2023 BFA, the future of the Global South must be based on values that advance peace, security and collaboration. In tackling security issues, his six pledges under the Global Security Initiative emphasize the significance of inclusiveness, peaceful dispute resolution, sovereignty respect, and comprehensive and cooperative security. These ideas are essential for maintaining political stability and creating an atmosphere that supports economic development and advancement.
In particular, the digital transformation presents vast opportunities for the Global South nations to overcome traditional development stages. Countries like China, India and Vietnam are already making strides in technology and digital infrastructure, which can accelerate their economic and social development. At the same time, fostering innovation in green technologies and sustainable industries will help the Global South nations meet the challenges of climate change while ensuring future prosperity.
Yasiru Ranaraja, a special commentator on current affairs for CGTN, is a researcher on maritime affairs and expert on Belt and Road Initiative development. He is also the founding director of the Belt Road Initiative Sri Lanka (BRISL), an international development organization and think tank in Sri Lanka.
