Opinion | How the Middle East can play a vital role in the ‘Asian century’

On issues from innovative global governance and new growth drivers to climate change and AI challenges, Asia’s powerhouse economies must work together to present solutions different from those by the tired West

The Middle East is emerging as a pivotal nexus, bridging East and West, North and South

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The FII conference, in Riyadh, Saudi Arabia, is addressing issues that face the whole world, but which are also of great relevance to the policymakers planning the Asian century. Photo: Reuters

Published: 9:30am, 25 Oct 2023

On the cusp of what many visionaries hail as “the Asian century”, a palpable wave of anticipation is surging. Historically, while industrial Europe shaped the 19th century and the US soared in the 20th, it is now Asia’s moment to shine, on a wave of economic momentum.

This Asian ascendancy is not just logical, it’s deeply compelling.

The ongoing FII summit in Riyadh, organised by the Future Investment Initiative Institute, is filled with excitement as it contemplates the notion that the next few decades will be painted with the vibrant strokes of Asia. Here, economies are not just growing – they’re thriving.

With China’s meteoric rise, standing only behind the US after years of explosive growth, and India’s breathtaking pace, the narrative is clear. China’s incredible journey showcases the transformative power of a motivated and aspirational middle class. Meanwhile, India, rich in potential, stands on the brink of a monumental socio-economic leap.

Factor in the dynamism of Southeast Asia and the esteemed prowess of Japan and South Korea, and the tapestry of the “Asian century” becomes rich and vivid.

Considering the treasure troves of central Asia and Asiatic Russia, by 2050, Asia might cradle over half of humanity, reflecting that immense economic weight.