Prime Minister Manmohan Singh today sought closer interaction between India and Shanghai Cooperation Organisation (SCO) members to convert the global economic crisis into an opportunity for greater economic cooperation as he highlighted the need for reforming global financial institutions.
He said the economic gains that have been made in the past are today threatened by the global meltdown.
"We should convert this crisis into an opportunity for much greater economic cooperation between the members of the SCO and India. Between us, we have a vast market, a large industrial base, a talented human resource base and above all, the political will," Singh said, addressing the SCO Summit here.
The Prime Minister said the SCO member countries and observers should work together to reform the institutions of global governance, including financial institutions, to bring them in tune with the present and emerging economic realities.
"We can no longer delay giving concrete shape to the concept of sustainable development. The development world needs access to financial resources and environment friendly technologies, especially in energy, transportation, manufacturing and agriculture," he said.
Singh said India is seeking a conducive external environment for its sustained high economic growth which is necessary to meet its developmental objectives.
Singh pointed out that the growth of the Indian economy at an average rate of 8 per cent over the last five years has enabled the country to generate higher investible resources to cater to the needs of our rural economy, the social sector and infrastructure.
"It has also opened up opportunities to intensify our interaction with the outside world in the areas of trade and investment, science and technology, and in the revival of the global economy," Singh said.
"We need technology innovations for reduction of energy use by industry and other sectors. We need massive action for afforestation, drought proofing and flood protection. We need action to protect the glaciers that feed our river systems," the Prime Minister said.
Russia, China, Kazakhstan, Tajikistan, Kyrgyzstan, and Uzbekistan are members of the SCO, while India, Pakistan and Iran are among the nations who have observer status.
