Kazakh President proposes to create SCO Investment Fund

Kazakh President Kassym-Jomart Tokayev proposed the SCO Council of the Heads of Government to consider the possibility of establishing a joint investment fund at the meeting of the SCO Heads of State Council, Azernews reports, citing Kazinform.

«The SCO’s advantages are the geographic connectivity of its member states, transit and transport capacity, huge market, and complementarity of economies. Despite that, we have to admit that not a single economic project under the SCO aegis has been realized in more than 20 years. It is obvious that there are no mechanisms for financial support of project activities. To this end, I suggest the SCO Council of the Heads of Government to consider the possibility of establishing a joint investment fund and put forward its proposals on this important project. The Astana International Financial Center, which has incorporated the best practices of world’s financial institutions, has turned into an effective platform to stimulate direct and profile investment to regional projects of the SCO,» said the Kazakh President.

Kazakh Head of State Tokayev said that the SCO’s economic agenda needs to be focused on tasks such as creation of favorable conditions to increase mutual trade turnover, remove the existing trade barriers, and launch joint ventures.