Sergey Glazyev: It would be better to invest in foreign exchange reserves of the SCO development institutions than in US bonds

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Sergey Glazyev: It would be better to invest in foreign exchange reserves of the SCO development institutions than in US bonds 04.05.2016 12:13

On April 20 in Sochi completed its work the International Forum “On the second track. The role of civil society and public diplomacy in the further development and expansion of the Shanghai Cooperation Organization”. The organizer of a representative of the event was the Public Chamber of the Russian Federation in cooperation with the Institute of the CIS countries.

During the forum, the Russian President Aide on regional economic integration, Sergey Glazyev shared ideas expressed by the participants of the Forum:

- What do you think is the importance of this meeting?

- Here one can discuss issues that are not included yet in the official agenda, but with which the organization will undoubtedly deal with as it develops. The expert community, gathered here from different social organizations, reflects the opinion of the people, opinions of experts and citizens who want to see in the Shanghai Cooperation Organization understandable meanings for themselves. Today, much has been said about the fact that the organization is making a major contribution to ensuring security, mutual trust, political cooperation and economic component is stalled, while from China and the Eurasian Union is increasingly developing connection on the initiative of our Heads of State, the linking of the Eurasian Union and the economic belt of the Silk Road.

At the same time, real projects that have linked our economies together, still lack. In this sense, it seems to me, many of the ideas that are expressed here, may well be working for the secretariat of the SCO and can be discussed at the government level; because the public wants from the Shanghai Cooperation Organization are not only political declarations and improvements in the security situation, but also specific economic achievements. I think it would be much more profitable to invest our foreign exchange reserves in the SCO development institutions, if they were set up than to invest in US government bonds. We have a lot of resources that we can unite, and it would give a powerful impetus to the development of the entire Eurasian continent.

- What ideas are now on Eurasian Bank?

- There are different options. It would be possible to take as the basis our Eurasian Development Bank, or a completely new bank may be created. I think it is a matter of practical selection of the states participants. While we all think China has already created a huge bank support infrastructure investments, which included almost all the SCO countries and far beyond. But we need own development institution that would work in the common interests; so many experts expressed the desire to create such institutions as quickly as possible.

Let us recall, for two days in the congress hall of the hotel “Radisson SAS Lazurnaya” three working sessions of the Forum were held. They were more than 300 participants from 26 countries of the SCO member states, observer countries at SCO partner countries in dialogue and promising for the organization listened to more than 120 expert reports on the world order, security and counter-terrorism, economy and entrepreneurship, the environment and environmental protection, education and science, the interaction of cultures and religions.

At the final plenary session, the participants adopted a final declaration.