FICCI is the Des­ig­nated Busi­ness Sec­re­tar­iat of SCO in In­dia

FICCI Business Digest - - Contents -

In­dia has been at the fore­front of vig­or­ously en­gag­ing with nu­mer­ous world pow­ers, mul­ti­lat­eral in­sti­tu­tions as well as re­gional group­ings. In this con­text, it is es­sen­tial for In­dia to take note of the de­vel­op­ments at SCO (Shang­hai Co­op­er­a­tion Or­gan­i­sa­tion).

What started off as 'Shang­hai 5' in 1996 for se­cu­rity and bor­der peace be­tween the coun­tries of Kaza­khstan, China, Kyr­gyz Repub­lic, Rus­sia and Tajikistan has meta­mor­phosed into SCO, which to­day has an am­bi­tious re­gional and global vi­sion cou­pled with a strong eco­nomic man­date.

The ex­pan­sion of SCO last year to in­clude In­dia and Pak­istan now makes this a pow­er­ful and strate­gic re­gional group­ing ac­count­able for 40 per cent of world's pop­u­la­tion, al­most 20 per cent of its GDP and 22 per cent of the world's land­mass. This year the SCO Sum­mit took place in Qing­dao, China, where SCO Heads of State met on 9-10 June 2018.

On the side­lines of this political sum­mit, the SCO Busi­ness Coun­cil meeting took place on 6 June 2018 in Bei­jing. FICCI, as the des­ig­nated Busi­ness Sec­re­tar­iat of SCO in In­dia at­tended the coun­cil – for the first time In­dia par­tic­i­pated as full mem­ber of the SCO. Shiv Khemka, Vice Chair­man, SUN Group is the Chair of the SCO Na­tional Chap­ter in In­dia.

The SCO Busi­ness Coun­cil was es­tab­lished with the ob­jec­tive of pur­su­ing com­mon eco­nomic in­ter­ests of SCO na­tions. The Busi­ness Coun­cil of the Shang­hai Co­op­er­a­tion Or­gan­i­sa­tion was founded on 14 June 2006 in Shang­hai.

The key take­aways of the meeting are as fol­lows: It was de­cided that in­ter­ests of the busi­ness com­mu­nity de­serve bet­ter rep­re­sen­ta­tion It was agreed to pre­serve the com­mit­ment to in­ten­sify the en­larged co­op­er­a­tion be­tween SCO Busi­ness Coun­cil Sec­re­tar­iat and na­tional SCO Busi­ness Coun­cils, with SCO Min­is­te­rial Meeting and the work­ing group It was dis­cussed and agreed that to elab­o­rate youth en­trepreneur­ship devel­op­ment pro­gramme through the or­ga­ni­za­tion of in­ter­ac­tion with the SCO Youth Fo­rum, to de­velop pos­si­ble for­mats for po­si­tion­ing the young en­trepreneurs from the SCO coun­tries, in which suc­cess­ful satraps and busi­ness mod­els can be pre­sented, to con­sider the pos­si­bil­ity of cre­at­ing a SCO Busi­ness Coun­cil youth branch It was agreed to en­hance SCO-BC po­ten­tial by com­bin­ing the ac­tiv­i­ties of busi­ness struc­tures with state en­ter­prises' ac­tiv­i­ties, to cre­ate in­no­va­tion funds to sup­port small and medium-sized busi­nesses, high-tech projects, cre­ation of state-of-the-art joint pro­duc­tion fa­cil­i­ties It was dis­cussed and agreed upon to pro­vide sup­port in the de­vel­op­ing co­op­er­a­tion in en­ergy, to hold spe­cial­ized con­fer­ences in this field. To form SCO-BC dis­cus­sion platform on en­ergy for en­sur­ing exchange of ex­pe­ri­ence and ap­pli­ca­tion of new tech­nolo­gies in the sphere of en­ergy sav­ing, ecol­ogy and en­vi­ron­men­tal pro­tec­tion ac­tiv­i­ties, devel­op­ment and pro­cess­ing of prod­ucts, tra­di­tional and new high-tech pro­duc­tion fa­cil­i­ties The meeting also dis­cussed how to cre­ate ad­di­tional mech­a­nisms for the SCO-BC fi­nan­cial ac­tiv­i­ties, through the for­ma­tion of in­vest­ment funds, bank­ing and fi­nan­cial as­so­ci­a­tions and spe­cial­ized com­pa­nies. To pro­vide sup­port for in­ter­ac­tion of busi­ness struc­tures within the frame­work of free eco­nomic zones, ter­ri­to­ries of ad­vanced devel­op­ment or sim­i­lar en­ti­ties, to pro­vide in­for­ma­tion on the state of ac­tiv­ity in them. For In­dia, mem­ber­ship to this group­ing will strengthen its re­la­tions with Cen­tral Asian Re­publics and pro­vide a new op­por­tu­nity to pur­sue the 'Con­nect Cen­tral Asian Pol­icy'. In­dia's in­ter­est in seek­ing mem­ber­ship to this mul­ti­lat­eral group­ing shows that for­eign pol­icy will no longer be driven by political ne­ces­si­ties alone, but through eco­nomic diplo­macy.

Del­e­ga­tion members at the SCO Busi­ness Coun­cil.

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