SCO Trade Turnover To Near US$1 Trillion - Kazakh President Tokayev

BISHKEK (Kyrgyzstan), Sept 1 (Bernama-Qazinform) -- Kazakh President Kassym-Jomart Tokayev emphasised the strategic importance of strengthening trade, economic and investment partnerships among Shanghai Cooperation Organisation (SCO) member states, Qazinform News Agency reported.

Speaking at the SCO Summit in Bishkek, Tokayev said trade turnover among SCO countries is steadily approaching US$1 trillion.

Kassym-Jomart Tokayev noted that current economic interconnectedness does not yet fully match the potential of SCO members.

He stressed the need to use the resources, production and technological potential of the SCO member states and create new growth points and sustainable business ties.

Kazakhstan advocates for a broad SCO trade and investment space with minimal barriers, digital procedures and advanced transport and logistics connectivity.

The head of state suggested introducing a mechanism for pilot industrial consortiums, allowing member states to implement projects as they are ready, without waiting for all participants. Successful projects could then be scaled across the organisation.

Kassym-Jomart Tokayev said the launch of transborder trade zones based on existing cooperation centres would test simplified trade exchanges, digital procedures and modern settlement mechanisms.

He said Kazakhstan supports China’s initiative to establish the SCO Development Bank, suggesting its resources be directed towards infrastructure, technology and industrial projects. Tokayev proposed that Kazakhstan could host the bank’s headquarters if consensus is reached.

-- BERNAMA-QAZINFORM