ASTANA, Kazakhstan, July 4. The trade of Kazakhstan with the countries of the Shanghai Cooperation Organization (SCO) grew by 6.5 percent by the end of last year, the President of Kazakhstan Kassym-Jomart Tokayev said during a speech at the meeting of the Council of Heads of State of the Shanghai Cooperation Organization (SCO), Trend reports.
"Unfavorable trends are gaining momentum in the world economy. According to the World Bank, the growth rate of the global economy will slow down this year. It is obvious that the world economy needs new points of growth and a completely different development paradigm. Therefore, the important tasks of the Shanghai Organization, in our opinion, are to expand trade and economic cooperation, create conditions for the free movement of capital and technology, and combat climate challenges. The growth of mutual trade is becoming a general trend for the SCO space. For example, Kazakhstan's trade with the SCO countries grew by 6.5 percent last year," he said.
He asserts that the SCO nations possess an extensive market and a robust technological foundation, allowing them to advance in all essential economic domains.
"The development of special tax, customs, and migration regimes will help to make significant progress in this direction. In this regard, Kazakhstan's proposal to create the SCO Economic Preference Base remains relevant. The need to create a single platform for discussing and approving investment projects has become obvious. We propose to create a mechanism for financial support of project activities based on the Astana International Financial Center. China, Russia, India, Uzbekistan, and Kyrgyzstan are already actively working on this platform. In general, 20 percent of the residents of the IFCA are companies from the SCO countries," Tokayev added.
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