The proposed Asian Infrastructure Investment Bank (AIIB) has become a main highlight of the annual Boao Forum for Asia, which is being held from March 26-29 in Boao, a coastal town in China's southernmost island province of Hainan.

 

At this year's forum, South Korea and Turkey announced their intention to join the AIIB as founding members.

 

Australia is likely to make a similar announcement in a few days.

 

Earlier, European countries such as the United Kingdom, Germany, France, Italy and Luxembourg had applied to join the AIIB as founding members. So far, the number of prospective founding members is more than 37.

 

Leo Melamed, chair emeritus of Chicago Mercantile Exchange (CME), also expressed support for the AIIB.

 

Speaking at a sub-forum at the Boao Forum, Melamed said Asia is now a critical region of the world where most of the new growth over the next 30 years will occur, and the AIIB will serve the development of the Asian region.

 

He also said the United States was too slow to accept the necessity of the AIIB in the Asian world and he predicted that the US will join the AIIB one day "because it would be foolish not to do so."

 

This year's Boao Forum has brought together officials, including 16 state leaders and entrepreneurs from 49 countries.

 

Besides the AIIB, China's "One Belt, One Road"–comprising the New Silk Road Economic Belt and the 21st Century Maritime Silk Road–initiative is also at the top of the forum's agenda this year.

(Want China Times)