Hu calls for closer trade links in SCO

SHANGHAI: President Hu Jintao yesterday called for closer trade links between the member states of the Shanghai Co-operation Organization (SCO), on the eve of the organisation's summit.

Speaking after the founding meeting of the SCO Entrepreneurs' Committee, Hu praised the hundreds of businessmen present for promoting the regional economy.

He described the committee's founding as "a major event" for the SCO.

The council "sets up a platform for enterprises from SCO members to strengthen exchanges and expand co-operation," said Hu.

"I believe the active participation of entrepreneurs will bring more substantial achievements for the SCO, as well as immediate benefits for people in the region."

He added that the SCO member states' complementary industries, sound investment environment and opening markets have created great opportunities for regional economic co-operation.

The entrepreneurs' committee was launched yesterday at the start of a two-day industry and business forum, which drew more than 500 businessmen from across the region.

The forum has been organized as part of the SCO's efforts to improve economic relations between companies in its member states.

Topics discussed included trade and investment, as well as co-operation in bidding in energy, transportation and telecommunications projects.

Apart from Hu, heads of state from Russia, Tajikistan, Kazakhstan, Kyrgyzstan and Uzbekistan also addressed business representatives, calling on them to make greater efforts to build a prosperous regional economy.

The SCO was set up to improve security in Central Asia, but has increasingly focused on economic issues in recent years.

Trade between China and the other five SCO members hit US$37 billion in 2005, a jump of 212 per cent over that of 2001 when the SCO was founded.

According to an action plan adopted by SCO leaders in 2004, the six countries will join forces in 127 economic and technological projects, with a total investment of US$10 billion.

Analysts say the potential for trade co-operation in the SCO has yet to be fully exploited, given the emerging trend towards economic integration in the fast-developing region.

In a drive to build stronger ties the SCO has unveiled a roadmap for regional economic co-operation. The plan has three aspects facilitating further trade and investment, deepening economic co-operation and realizing the free flow of goods, capital, services and technology.