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The Shanghai Cooperation Organisation (SCO) heads of state welcomed the founding of the Business Council and said they hoped that its work would help strengthen economic cooperation.

President Vladimir Putin noted that the council’s creation would consolidate the efforts of business communities in the SCO member states to pursue effective work together. Mr Putin said that energy, investment and production were all promising sectors for cooperation.

Russia will provide comprehensive support for the work of the Business Council, whose secretariat will be located in Moscow. This places particular responsibility on Russia’s own business organisations, Mr Putin said.

Before meeting with members of the Business Council, the SCO leaders took part in a ceremony marking the organisation’s fifth anniversary, which was followed by a brief conversation.