During the 23rd SCO Summit on July 4, Kazakhstan's President, Kasim-Jomart Tokayev, expressed his disappointment with the Shanghai Cooperation Organization (SCO), stating that not a single major economic project has been successfully implemented in the 20 years of the organization's existence.
Speaking at an online meeting of SCO leaders, Tokayev emphasized the lack of financial support mechanisms as a significant barrier to project implementation.
"It should be noted that for more than 20 years, it was not possible to implement a single major economic project under the auspices of the SCO. The lack of financial support mechanisms for project activities is an obvious factor," said Tokayev.
To address this issue, he proposed the establishment of a joint investment fund within the SCO framework.
Tokayev urged the Council of Heads of Government to consider this proposal and put forth suggestions for the creation of the investment fund. Such a fund could provide the necessary financial support for the implementation of large-scale economic projects within the SCO.
Additionally, President Tokayev called for the development of the organization's energy strategy. He suggested coordinating the energy strategy of the SCO before the next Astana summit, emphasizing that the adoption of this document would align with the goals of the UN sustainable development agenda.
Previously Daryo reported that Iran was formally admitted as a full member of the SCO, expanding the organization's membership to include nine countries. Prior to Iran's inclusion, the SCO consisted of Russia, India, Kazakhstan, Kyrgyzstan, China, Pakistan, Tajikistan, and Uzbekistan.
What is the Shanghai Cooperation Organization?
The Shanghai Cooperation Organization (SCO), formed in 2001 by China, Russia, and four Central Asian countries, was initially established as a regional alliance to counter the influence of the West in the region. In 2017, India and Pakistan joined the group, further expanding its membership.
As relations between Russia, China, and the West have deteriorated over time, the SCO has gained more significance for these countries. Despite the existence of other prominent international forums like Brics, G20, and G7, experts emphasize that the SCO's potential cannot be underestimated.
The SCO represents approximately 40% of the world's population and over 20% of global GDP. With the addition of Iran as a full member, the organization will also have control over around 20% of the world's oil reserves. This inclusion will bolster the SCO's energy portfolio but may trigger backlash from Western capitals.
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