Kazakhstan Witnesses Preceding Year's Trade Hike With SCO Nations
(MENAFN- Trend News Agency)
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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