With India formally becoming a member of the Shanghai Cooperation Organisation (SCO), the Federation of Indian Chambers of Commerce and Industry (Ficci) has been designated to represent the Indian industry at the SCO Business Council.
Ficci's designation came into force following the accession ceremony at the SCO Summit in Astana, Kazakhstan, where India formally moved from observer status to full membership, the industry body said on Friday.
"We are excited to be a part of this multilateral grouping and contribute to its economic agenda. Business and economic connect would be an important aspect of India's full membership of SCO. We look forward to working with member countries for progress, prosperity and connectivity in the region," said Pankaj Patel, President, Ficci.
The Business Council is an important part of the SCO and will play an even more significant role with growing focus of the grouping on economic aspects.
From a primarily Eurasian construct, SCO now expands its footprint in the Indian subcontinent with the induction of India and Pakistan as full members. This is the first expansion since the Shanghai Five became SCO with the induction of Uzbekistan in 2001.
--IANS
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