Elena Teslova
16 October 2024•Update: 16 October 2024
By Elena Teslova
MOSCOW (AA) - Russia will focus on realizing its potential and supporting key spheres of the national economy and relevant enterprises in the conditions of mounting sanctions pressure, Prime Minister Mikhail Mishustin said on Wednesday.
Speaking at the Shanghai Cooperation Organization (SCO) Heads of Government Council Meeting, Mishustin said that thanks to the development of the real economy sectors, Russia’s GDP increased by 4.2% in the first eight months of 2024.
Furthermore, investment in fixed assets grew by nearly 11% in the first six months of this year, demonstrating economic growth, he said at the 23rd SCO meeting in Islamabad, Pakistan's capital.
"We are working actively to strengthen cooperation with friendly countries that share our values. Last year, Russia’s trade with SCO member states reached a record high of 30 trillion rubles (approximately $300.5 billion) and has grown by 5.5 percent in the first six months of the year," he was quoted by the Russian government press service in a statement as saying.
The Russian premier highlighted the importance of developing transport ties among the SCO countries, as well as the establishment of reliable and efficient logistics routes, as these will help to increase trade volume and contribute to tourism growth.
Russia is working with its Commonwealth of Independent States partners and Iran to promote the North-South international transport corridor, he said.
Russia is implementing a series of measures to modernize and renovate rail, road, and maritime infrastructure, he said, adding, “I am confident that this will create new trade possibilities and new benefits for our businesses.”
Mishustin stressed closer interaction in civil aviation and increased use of national currencies in mutual trade settlements, as well as the removal of barriers to the development of economic ties.
"At the same time, we should create an independent payments system within the SCO, for example, in the form of electronic platforms, banking institutions, or a system of authorized fiscal agencies," he said.
The prime minister also emphasized the importance of achieving technological sovereignty of the SCO countries, "making it imperative to leverage broad opportunities for enhancing industrial cooperation."
"I am confident that the SCO possesses every opportunity to emerge as one of the formidable centers of the equitable multipolar world currently taking shape. Together, we have the capability to achieve this – fostering economic prosperity for our nations and citizens," he said.
In addition to Mishustin, the prime ministers of China Li Qiang, Kyrgyzstan's Akylbek Zhaparov, Uzbekistan's Abdulla Aripov, Belarus' Roman Golovchenko, Tajikistan's Kokhir Rasulzoda, and Kazakhstan's Olzhas Bektenov were among the other notable dignitaries who attended the SCO meeting.
Indian Foreign Minister Subrahmanyam Jaishankar and Iranian Mining and Trade Minister Seyyed Mohammad Atabek are also attending the summit.
Founded in 2001 in Shanghai, the SCO originally comprised six countries: Russia, Kazakhstan, Kyrgyzstan, China, Tajikistan, and Uzbekistan. India and Pakistan joined in 2017, followed by Iran in 2023 and Belarus this year.
