SCO Business Council Secretariat hosts Industry Interaction on Economic Cooperation among Members

New Delhi, India (Urban Transport News): The SCO Business Council Secretariat, Republic of India, hosted a pivotal Industry Interaction event focused on Enhancing Economic Cooperation Among SCO Member States in New Delhi on February 6, 2025. The event took place during the first official visit of H.E. Mr. Nurlan Yermekbayev, Secretary-General of the SCO Secretariat in Beijing, China. The session, chaired by Mr. Tribhuvan Darbari, Chairman of the National Part of the SCO Business Council Secretariat, Republic of India, and Chairman of the India-Russia Business Council at FICCI, saw the presence of distinguished guests, including H.E. Mr. Nurlan Yermekbayev, Mr. Tarun Kapoor, Advisor to the Hon'ble Prime Minister of India, and Mr. Anand Prakash, Joint Secretary, Ministry of External Affairs, Government of India, along with leading industry figures and banks from India and other SCO Member States.

A Platform for Multilateral Collaboration

The event underscored the growing economic importance of the Shanghai Cooperation Organization (SCO) region, which now boasts a collective GDP exceeding USD 20 trillion, accounting for nearly 25% of global GDP. Discussions centered on the critical role of business collaborations in strengthening multilateral ties and contributing to the shaping of the SCO’s economic roadmap for the next decade. This is in alignment with the SCO Economic Development Strategy until 2023-2030, approved by SCO Heads of State in July 2023. The SCO Business Council Secretariat in India will continue to facilitate greater trade, investment, and technological collaboration among the member nations.

Key Insights from Leaders

In his keynote address, H.E. Mr. Nurlan Yermekbayev, Secretary-General of the SCO, stressed that the organization is entering a new and more responsible phase in its history. He reaffirmed SCO’s commitment to driving its economic development agenda through 2025. Mr. Yermekbayev highlighted the importance of translating agreements into tangible economic outcomes, emphasizing that such progress requires innovative and flexible approaches, alongside active involvement from the business community and industry associations.

Mr. Tarun Kapoor, Advisor to the Hon’ble Prime Minister of India, reiterated India’s commitment to strengthening economic ties within the SCO region. He remarked, "The SCO can play a significant role, especially in the business sector, where enterprises can collaborate beyond national boundaries. Business has no limits, and entities must think globally. The Government of India stands ready to provide full support."

India’s Role in Infrastructure and Trade

Mr. Tribhuvan Darbari, Chairman of the National Part of the SCO Business Council Secretariat, India, highlighted the transformative potential of India’s experience in infrastructure modernization, particularly in railway development. He explained, "India’s experience in railway modernization can play a transformative role in expanding transport networks and logistics across the SCO region." Darbari further referenced the words of India’s External Affairs Minister, Dr. S. Jaishankar, who recently emphasized that a stronger Indian presence in global supply chains, digital services, and infrastructure projects is essential for building a more resilient and interconnected world.

Darbari also reflected on the 'SECURE' concept introduced by Prime Minister Narendra Modi at the SCO Heads of State Summit. This philosophy of shared growth and prosperity has served as a guiding principle for the activities of the SCO Business Council during India’s presidency.

Key Takeaways and Future Collaboration

The event concluded with a collective call for enhanced trade regulations, the development of digital trade platforms, and deeper industrial collaboration among SCO member nations. It underscored the need for continued multilateral engagement to strengthen the region's economic landscape and drive sustainable growth through innovative business practices and cross-border partnerships.

The SCO Business Council Secretariat’s ongoing efforts to unlock synergies between SCO member states will pave the way for a more robust and integrated regional economy in the coming years.