Qingdao forum promotes commercial cooperation among SCO member states

Business is thriving and cultural exchange is flourishing within the Shanghai Cooperation Organisation, which was established as a regional peace and security body in 2001.

Over the years, the SCO has evolved into a robust facilitator, boosting economic and trade ties among its member states and countries involved in the Belt and Road Initiative.

As the organization marked its 22nd anniversary on Thursday, the SCO Industrial and Supply Chains Forum kicked off in Jiaozhou, a county-level city in Qingdao, Shandong province. Officials and experts pledged to intensify efforts to enhance cooperation to stabilize industrial and supply chains using digitalized and intelligent technology, as well as promote resilient investment.

During the opening ceremony, Nurlan Yermekbayev, SCO deputy secretary-general, emphasized the pivotal role stabilizing industrial and supply chains plays for SCO member states and the global community as a whole.

"We need to strengthen cooperation with companies and commercial associations from SCO member states, with a particular emphasis on business projects and startup initiatives," he said.

Ling Ji, vice-commerce minister and deputy China International Trade Representative, stated that China would work with the relevant parties to align economic development strategies, enhance the resilience of regional industrial and supply chains, and advocate for more open, inclusive, balanced and mutually beneficial economic globalization.

The forum was witness to the unveiling of the SCO Comprehensive Service Platform 2.0.Built upon the standard framework of the China International Trade Single Window, this upgraded version focuses on meeting the real needs of SCO countries, such as import and export processes, local currency settlement, barter and the reciprocal recognition of supervision, according to Zhang Dong, deputy director of the administrative committee of the China-SCO Local Economic and Trade Cooperation Demonstration Area, also known as SCODA.

Zhang, who is also the deputy head of the Eurasia department at the Ministry of Commerce, elaborated on the platform's expanded functions, which include SCO cross-border payment and settlement, new forms of cross-border barter, aviation logistics, used-car exports, and taxpayer information verification services, with scope and application scenarios continuing to expand.

Additionally, telegraphic transfers, primarily for overseas wire transactions, will be available on the platform, benefiting 54 countries and regions, including SCO members, Zhang added.

Energy cooperation was also a key topic of discussion during the two-day forum. The crucial role played by the Qingdao International Energy Exchange in safeguarding the energy sector's industry and supply chains in the global market was highlighted.

The Qingdao International Energy Exchange, jointly established by the SCODA administrative committee and the Shandong Port Group, was officially launched in mid-February.

Huo Gaoyuan, chairman of the Shandong Port Group, emphasized the conglomerate's commitment to energy cooperation among SCO members, stating that it would leverage its role as a hub to establish a highly efficient logistics channel and provide top-notch supply chain services.

The comprehensive service platform and the promotion of energy cooperation reflect SCODA's unwavering efforts to explore and deepen subnational cooperation among SCO members and countries participating in the Belt and Road Initiative since 2018.

The SCODA headquarters, located in Jiaozhou, houses the Qingdao SCODA Pearl International Expo Center, which hosted the 2023 SCO International Investment and Trade Expo, the largest exhibition since the SCO was founded 22 years ago.

As a parallel event to the chains forum, which concluded on Sunday, the four-day, 44,000-square-meter expo attracted 330 companies and institutions from 34 countries and regions, which showcased some 10,000 imported products.

The SCO Mansion, which is located in the SCODA HQ, is expected to be completed by the end of this month. Built by the China Railway Construction Engineering Group, it is designed to serve big occasions such as national leaders' summits, as well as high-level forums and expos.

SCODA has emerged as a vital hub for trade and business among SCO countries, enhancing institutional and physical connectivity across the region and promoting high-level opening-up and high-quality development, said Zhang Xinzhu, a member of the Standing Committee of the CPC Qingdao Committee and secretary of SCODA's Party working committee.