Officials and industry experts gathered at the 29th Asian EXIM Banks Forum annual meeting in Shanghai have called for stronger cooperation among Asian Export-Import (EXIM) banks to drive economic growth and address major regional challenges. The focus of the discussions was on overcoming global uncertainties, fostering the green transition, and enhancing collaboration on trade digitalization and technological innovation.
Key Challenges Facing Asian Economies
Despite the rapid economic growth and increasing economic size of the region, Asian economies face numerous challenges. Wu Fulin, Chairman of the Export-Import Bank of China, emphasized that the global economic slowdown, combined with the fragmentation of global supply chains and industrial networks, has created an uncertain environment for Asian countries. He suggested that EXIM banks in Asia should deepen their cooperation to channel more capital into economic growth, particularly by engaging with the private sector.
Wu also pointed out that the green transition, trade digitalization, and technological innovation are critical areas where regional collaboration can be further enhanced to drive sustainable growth. The rapidly changing technological landscape, he argued, creates opportunities for deeper regional integration and more effective financial services.
The Role of Export-Import Banks in Supporting Regional Growth
The leaders at the forum stressed that EXIM banks could be crucial in responding to these challenges by supporting the financing of large-scale projects, promoting technological advancements, and fostering sustainability in the region. Rak Vorrakitpokatorn, President of the Export-Import Bank of Thailand, highlighted that financial volatility is a significant challenge for Asian economies, especially since exports make up about a third of many countries’ GDP.
He also noted that the disruptions to global trade, including supply chain bottlenecks, rising freight rates, and the increase in crude oil and food prices, have amplified the need for greater regional cooperation. Vorrakitpokatorn called for more collaboration between Asian EXIM banks to better manage these challenges and ensure that financial institutions remain efficient in supporting economic growth.
Climate Change and Green Transition as Key Priorities
Climate change was another prominent topic discussed during the forum. Hayashi Nobumitsu, Governor of the Japan Bank for International Cooperation (JBIC), stated that addressing climate change requires strengthened cooperation across Asian countries. As the region works to balance economic growth with environmental sustainability, there is an increasing need for regional collaboration on green projects.
An important challenge is the energy transition, which many Asian countries are pursuing in various stages. According to the Asia Development Report released by the Export-Import Bank of China and Fudan University, finding the right balance between energy transition and economic growth will be pivotal for Asia’s future. However, the report also noted that Asia’s diverse resource endowment, economic stages, and technological capabilities mean that successful transition strategies will require closer integration and coordination among different economies.
Investment Initiatives for Sustainable Growth
To support these efforts, several countries and their EXIM banks have already launched initiatives aimed at fostering sustainable growth. For example, John Hopkins, Managing Director and CEO of Export Finance Australia, shared that his institution had set up a $2 billion investment facility for Southeast Asia. This fund is aimed at supporting infrastructure projects, the supply of critical minerals for the green transition, and the development of small and medium-sized enterprises (SMEs) in the region.
Hopkins’ initiative is part of a broader effort to ensure that the region’s green transition is supported by adequate financing and that key industries, such as those involved in renewable energy, critical minerals, and green technologies, are properly funded.
A Call for Deeper Regional Collaboration
The discussions at the Asian EXIM Banks Forum underscored the importance of regional cooperation in tackling the various challenges facing Asian economies today. From managing the economic slowdown and trade disruptions to supporting the green transition and technological innovation, EXIM banks are seen as essential players in fostering sustainable growth in Asia.
With financial volatility and climate change posing significant risks, it is clear that Asia’s Export-Import banks must work more closely together, leveraging both public and private sector capital, to address these challenges and position the region for a prosperous future.