Uzbekistan has reiterated the need to establish a SCO development bank

Saidkiram Niyazkhodjaev, Uzbekistan’s Ambassador to Kyrgyzstan, reminded participants at the 5th Forum of Heads of Regions of SCO Member States that the potential for inter-regional cooperation within the organisation has not yet been fully realised, and that the establishment of an SCO development bank remains one of the key unresolved issues.

Speaking at the forum in Cholpon-Ata, he noted that the main constraints remain trade and technical barriers, poor transport links, a lack of mechanisms for financing joint projects, and the protracted implementation of a number of initiatives.

“The issue of establishing a SCO development bank and development fund has remained unresolved for a long time, which is holding back the implementation of major infrastructure and industrial projects,” Niyazkhodzhaev noted.

According to him, SCO countries need to focus on several priority areas. These include deepening industrial cooperation, developing transport and logistics connectivity, digitising transport, simplifying trade procedures, and creating effective financial instruments.

Separately, the diplomat emphasised the importance of establishing a permanent platform for the exchange of projects between the regions of SCO member states. He said that such a system could help to support investment and cooperation initiatives.

Niyazkhodjaev also noted that regions and border areas are becoming the main drivers of economic interconnectivity within the SCO.

“Through the development of direct contacts between territories, a practical foundation for sustainable partnership is being formed, new cooperation chains are being created, and business engagement is increasing,” he said.

According to the ambassador, Uzbekistan intends to continue supporting the development of inter-regional cooperation, mechanisms for cross-border interaction and the network of twin cities within the SCO.

The 5th Forum of Heads of Regions of SCO Member States is taking place on 28 May in Cholpon-Ata. The event is being attended by representatives of regions, cities, diplomatic missions and business communities from the organisation’s member states.