First, we expect that by 2030, Asia's population will grow, prosper and become highly urbanized, but will also age. Five of the 7 countries with the fastest population growth by 2030, will be in Asia1, and nearly two billion of the 2.4 billion new middle class consumers created globally, are also expected to be from Asia. In addition, nearly 70% of Asia's population will live in cities and produce 47% of the region's GDP growth. But the population will also age. By 2050, for the first time, there are likely to be more people over the age of 65 than under the age of 14.

Third, the region is under going rapid technological transformation even in rural areas, and increasing digitization could worsen unemployment (especially youth unemployment). We are seeing signs of that today with jobless growth that has forced many young people to return to live with their parents, or at least continue being economically dependent on them.

So what do these trends mean for development agencies such as ADB and more importantly, what do they mean for you?

First, the changing structure of our region's population means that we can expect older people to continue living and working longer. This in turn means that Asia's social protection mechanisms such as healthcare and pension schemes will need to be strengthened. This also means that the region will need to become more integrated with open labor migration policies, so that workers from a labor surplus region can work where there is demand for their skills. In this regard, ADB is supporting the ASEAN Economic Community with technical and policy advisory support to accredit certain skills to allow this mutually beneficial exchange of labor to happen.

Second, in order to deal effectively with the risks posed to Asia's prosperity from growing income inequalities and the strain on natural resources, the nature of governance will need to change. Governments are increasingly recognizing that they can no longer bear the sole responsibility for inclusive and sustainable growth through services that decrease social disparities or increase opportunities whether these be for infrastructure, education, or SME finance. We at ADB are therefore working alongside governments to help governance models evolve beyond regulation to include partnerships with the private sector, with civil society organizations (such as yours) as well as Research institutes to develop inclusive and sustainable growth policies and institutional mechanisms.

Third, the rapid technological advances being experienced by Asians, especially its youth, is something that governments need to harness for the future. Rapid advancements in artificial intelligence, robotics and telecommunication mean that a number of repetitive jobs are being made redundant, even in government. This has implications not only for education and skills policies but how governments and citizens design cities, public transportation networks, logistics and building codes for the future.

Let me conclude by saying that Asia, home to over half the world's population, bears great responsibility for this planet. How Asia navigates development pathways will impact not just our generation but several future generations. As future leaders of Asia, your understanding of issues, your abilities to garner support, and your leadership in making difficult choices will be critical if we are to achieve our vision of sustainable and inclusive growth for all.

I wish you a fruitful discussion. Thank you.