The World Economic Forum (WEF) sees growing importance of Asia, especially countries like China and India, and will help build the relationship and understanding between Asia and the West, the forum said in its annual report released on Thursday.

"We have continued to work closely with our members and partners as well as with other key stake holders from government and civil society in our mission to shape the global agenda in a positive way," said WEF Executive Chairman Klaus Schwab in the report.

"As part of this mission we have all had to address the increasing prominence of Asia in the global economy and polity," he said.

He added that the rising economies of Asia are poised to equal those of the West, revolutionizing the traditional economic order.

Building the relationship and understanding between the "old" and "new" economies and business leaders is essential for the future prosperity and stability of both, he said.

He noted that the forum has a long engaged in Asia, helping integrate China and India into the global system.

"We are therefore perfectly placed to be a powerful platform for interaction and cooperation between the emerging and established economies," he added.

(Xinhua News Agency September 7, 2007)