The Shanghai Cooperation Organization established an entrepreneurs’ committee yesterday that will include businesses and banks from the six member countries.
So far more than 140 big and medium-sized companies have joined up.
“The major task of the committee is to promote SCO members to develop and cooperate in areas like the economy and trade, loans, technology, energy, transport, telecommunications and agriculture,” said State Councilor Tang Jiaxuan at yesterday’s SCO industrial and commercial forum where the committee made its debut.
“It marks a new start for the six economies to consolidate regional economic development,” he said.
The secretariat of the committee is based in Moscow.
Member countries also reached consensus on supporting the development of small and medium-sized firms in the six nations and strengthening the cooperation in culture.
They also agreed to cooperate in research and development of advanced medical equipment and other advanced technologies.
Tang said China proposed to give priority to network projects.
He mentioned highway transport networks, telecom networks and electric power networks.
China is also willing to offer loans and help raise funds for the projects, he added.
But Tang did not give any details about the projects or how much China’s aid would be worth.
Experts from the six countries and from various fields were also proposed to be invited to co-research how the regional economic development could be deepened and the feasibility of the arrangement of regional economic integration, the state councilor said.
Presidents of the six member states of the SCO met the representatives of entrepreneurs from the six countries yesterday evening with the hope that business people will work together to promote prosperity in the region.
Chinese President Hu Jintao, Kazakh President Nursultan Nazarbayev, Kyrgyz President Kurmanbek Bakiyev, Russian President Vladimir Putin, Tajik President Emomali Rakhmonov and Uzbek President Islam Karimov congratulated the entrepreneurs on committee.
“The establishment of the SCO Entrepreneurs’ Committee has built a very good platform for closer exchanges and cooperation between businesses of the six SCO economies,” said Hu.
Presidents of the six member states of the Shanghai Cooperation Organization met the representatives of entrepreneurs from the six countries Wednesday evening with the hope that the business people will work together to promote overall prosperity in the region.
Chinese President Hu Jintao, Kazakh President Nursultan Nazarbayev, Kyrgyz President Kurmanbek Bakiyev, Russian President Vladimir Putin, Tajik President Emomali Rakhmonov and Uzbek President Islam Karimov congratulated the entrepreneurs on the newly established SCO Entrepreneurs’ Committee, Xinhua reported on 14 June.
The presidents are in Shanghai for the SCO’s 2006 summit slated for Thursday.
Representatives of entrepreneurs from the six SCO members — China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan –gathered here on the eve of the summit to set up the committee and explore ways for enhancing regional economic cooperation.
“The establishment of the SCO Entrepreneurs’ Committee has built a very good platform for closer exchanges and cooperation between businesses of the six SCO economies,” said Chinese President Hu Jintao while meeting the entrepreneurs.
Among the SCO member states, the factors of sound economic development, complementary economic structure, improving trade and investment environment, and opening markets have created good conditions and opportunities for regional economic cooperation, he added.
“Active participation of the entrepreneurs will definitely make the SCO render substantial results in economic cooperation and bring more tangible benefits to the peoples of the member countries,” the Chinese president said.
The SCO Entrepreneurs’ Committee is a non-governmental organization to promote multilateral cooperation in trade, finance, science and technology, energy, transportation, telecommunication and agriculture.
More than 140 large and medium-sized businesses from the six countries have become full members of the committee.
China will provide loans or assistance within its capacity to fund a number of transportation, telecommunication and electricity projects among the SCO members so as to boost regional economic growth, Chinese State Councilor Tang Jiaxuan said at Wednesday’s meeting marking the establishment of the committee.
About 200 entrepreneurs and officials attended the meeting.
But Tang did not give any details about these projects or how much China’s aid will be worth.
Chinese Vice Minister of Commerce Yu Guangzhou said Tuesday that some US$2 billion worth of business contracts and loan agreements are expected to be inked on the sidelines of the SCO summit.
Yu said the deals would include a highway project connecting Tajikistan and Uzbekistan, two high-voltage electricity lines in Tajikistan, a cement plant in Kyrgyzstan with a daily production of 2,500 tonnes, and a hydropower station in Kazakhstan.
The six SCO member countries take up 60% of Eurasia and their population accounts for a quarter of the world’s total. The six economies reported a combined GDP of US$1.5 trillion in 2004.
To date, investment between SCO members has surged to US$15 billion, covering mainly oil and gas exploration, transportation, telecommunication, electricity, chemical industry, construction material, project contract and agriculture.
In a bid to promote trade and economic cooperation among SCO members, China pledged in 2004 to offer US$900 million of preferential export buyer’s credit to other SCO members.
China had basically put the fund in place, said Chinese President Hu Jintao at the end of May during a joint interview with media representatives from the six SCO member states.
China reported 37 billion U.S. dollars of trade with other SCO members in 2005, up 212% over that of 2001, according to the Ministry of Commerce of China.
The ministry said China’s actual investment in the other five SCO members totaled US$8 billion last year, four times the 2001 figure.