TEHRAN - Iranian First Vice President Parviz Davoudi stated in the opening ceremony of the Boao Forum for Asia in Hainan, southern China, that the expansion of economic relations between Asian countries and moving towards the establishment of a single Asian currency can greatly reinforce the status of Asia in the world.

He referred to the lack of morality and the pervasiveness of usury in the western banking system as the real source of the current economic crisis.
Davoudi said overconfidence regarding the capitalism system and going to extremes on deregulation policies have contributed to the outbreak of the financial meltdown.
“Promoting the patterns of Islamic banking can be an effective solution to the financial problems,” Davoudi noted.
The Boao Forum for Asia (BFA) Annual Conference 2009 officially opened on Saturday, focusing on the cooperation of Asian countries amid the global financial crisis.
More than 1,600 political leaders, business people and academic scholars gathered in the island resort for the conference, which will conclude on Sunday.
Featuring the theme of “Asia: Managing Beyond Crisis”, delegates have been discussing the effect of the financial crisis on Asia, the steps taken by Asian countries to weather the challenges effectively, the role of emerging economies in reforming the global financial system, and the balance between financial regulation and innovation.
Traditional topics of green development and Internet innovation, as well as the creative industry and contemporary art are also on the agenda.
BFA was established in 2001 as a platform for high-level interaction between political and business leaders from Asia and around the world. It is aimed at promoting the development goals of Asian countries through greater regional economic integration.