He was speaking at the annual conference of the Boao Forum for Asia (BFA) that opened Friday morning in this seaside resort of Boao, on the central eastern coast of Hainan Province.

Though Asia was home to 60 percent of the world's total population, the continent's economies equaled just one third of the world's total, and an overwhelming majority of Asian countries lagged behind developed countries, especially in the degree of industrialization.

"One important reason is that Asian countries, excluding Japan, have failed to react in time to the wave of industrialization," said Lee.

The world was experiencing an information revolution whose influence far exceeded that of industrial revolution, said Lee, warning that the aftermath of Asia lagging behind again in the information age would be more serious and the widening gap would plunge Asia into a vicious cycle.

While urging Asian countries to seize chances created by new technologies, Lee also called on them to make a good use of their rich natural and human resources, open wider, share information, promote regional cooperation, improve industrial competitiveness together and build Asia into a world economic center in the 21st century.

With a common goal, Asian countries had many favorable economic factors, despite some obstacles in promoting regional cooperation, said Lee, who was confident that Asia, with its vitality, would become an important force in development of the world economy in the 21st century.

( April 13, 2002)