SCO assisting Central Asia to usher in economic stability: Akramjon Nematov

economictimes.indiatimes.com:

security and sustainable socio-economic development in the region, according to Akramjon Nematov, first deputy director of the Institute for Strategic and Regional Studies under the president of the Republic of Uzbekistan.India hosted the SCO summit on July 4 eyeing to expand ties with Central Asia. Sustainable development of Central Asia strengthens the region's role as a gateway and land bridge connecting several strategically important regions of Eurasia.

India's just concluded SCO presidency ushered in economic initiatives to benefit the Eurasian economic space. «In particular, thanks to the established dialogue and cooperation between the SCO member states, a high level of socio-political stability is maintained in our region, security and sustainable socio-economic development are ensured,» Nematov said.

Nematov noted that Central Asia is one of the most dynamically developing regions of the world. Since the creation of SCO in 2001, Central Asia's GDP has grown almost nine times to $400 billion from $46 billion.

The preservation of high rates of economic growth became another achievement. In 2022, the region's average annual economic development rate was over 6%, two times more than the global indicators, which amounted to only 3%.Central Asia has become an important participant in the global economic dynamics: its foreign trade volume has increased eight times over the past 20 years, reaching about $225 billion.