Kazakh official: SCO summit to boost stability

Kazakhstan expects the upcoming Shanghai Cooperation Organization summit in Qingdao to fortify regional stability and contribute to creating a peaceful environment for future development, a senior Kazakh official said on Monday in Beijing.

“We are very positive about the Belt and Road Initiative and the Shanghai Cooperation Organization,” said Kairat Kelimbetov, former Kazakh vice-prime minister and now governor of the Astana International Financial Center.

It was convenient for members to manage areas such as security and border controls from the outset of its establishment, and the organization itself was a milestone to achieve regional stability and peace, he said of the SCO.

Then it developed into other dimensions to promote cooperation in fields such as businesses, economic growth and financial services, Kelimbetov said.

Kelimbetov, who also served as governor of the National Bank of Kazakhstan from October 2013 to November 2015, made the remarks at a symposium on the opportunities brought by the Belt and Road Initiative in Central Asia.

Monday’s event was hosted by the think tank Center for China and Globalization.

The SCO was established in 2001 to fight terrorism, separatism and extremism. At the 18th SCO summit in Qingdao, a city in Shandong province, top leaders from the eight member countries, including Kazakhstan, will be in attendance.

China is one of Kazakhstan’s largest trading partners and sources of foreign investment. Kelimbetov said the country aims to build a free financial zone attracting foreign investors from China and elsewhere.

President Xi Jinping proposed the Silk Road Economic Belt in Kazakhstan in 2013 when he visited the Central Asian neighbor. Now, many Chinese companies are looking for opportunities in Central Asia.

Zhang Xiaodong, marketing director of the Hong Kong-listed Xinte Energy Co Ltd, said his company has invested $500 million in Central Asian countries, and they prefer a stable, peaceful environment.