News ID: 322737
Published: 0328 GMT July 05, 2022

SCOCOEX to open up great opportunities for Iran

SCOCOEX to open up great opportunities for Iran

The public relations department of the international conference and exhibition on economic cooperation opportunities available to the Shanghai Cooperation Organization (SCO) member states and partners highlighted the great benefits that Iran can gain from the event.

In a statement, the information headquarter of the first edition of the international conference and exhibition of economic cooperation opportunities available to member states, supervisors and dialogue partners of the SCO and Iran's neighbors, known as “Iran SCOCOEX”, enumerated the economic advantages that Iran can get from the conference and from its membership in the Shanghai Cooperation Organization.

What follows is the text of the statement, released by the organizers of the event:

The Islamic Republic of Iran was accepted as a main member of the Shanghai Cooperation Organization (SCO) by the vote of all member states at the conclusion of the 21st summit in Dushanbe in September 2021. The major goals of the SCO are reinforcement of political, security and economic cooperation, boosting confidence and good neighborliness advantages, maintaining stability in the member states, preservation of peace and security in the region, countering  terrorism, as well as preventing human and drug trafficking.

Iran had started plans and processes to join the SCO as a full member in the early 2000s. After its official accession to the SCO in 2021, Iran has been given numerous economic opportunities and advantages that would help the country contribute to economic diplomacy and regional markets in the macro-domestic policy-making processes.

Considering that the SCO member states are the biggest producers and consumers of energy in the world, Iran can gain great economic advantages as it is the world's fourth-biggest holder of oil reserves and possesses the world's second-largest reserves of natural gas. Therefore, the benefits of Iran’s membership in the SCO are cooperation in the export of non-renewable energy resources (oil and gas) and cooperation in the development of renewable energy technologies and sources, such as solar energy, wind, water, biomass, and geothermal energy.

The special geographical location of Iran, which is situated at the crossroads to great trade centers of the world, has turned the country into an important and vital hub of communication and transportation. As a result, the transit of goods through Iran by taking advantage of the North-South Corridor would shorten the shipment distances and lower the costs.

On the other hand, China's membership in this organization, which is by far the largest consumer and producer of petrochemical products in the world, could allow Iran to make the most of its membership in the SCO through investment in the petrochemical industry.

A combination of the abovementioned opportunities and the special current situation in Iran point to the conclusion that Tehran’s membership in the SCO under the difficult conditions caused by the unilateral sanctions imposed by the US and Western governments could enable the Islamic Republic to benefit  from a golden opportunity and a big market free of sanctions, which in turn will strengthen the country's transit advantages and meet part of its financial needs through an interbank consortium.

Iran’s simultaneous participation in two megaprojects, namely the Belt and Road Initiative (BRI) and the Eurasian Economic Union (EAEU), in addition to conducting professional business in the field of energy and petrochemicals as the major industries of Iran, will help multiply the economic efficiency of the SCO and its abundant advantages and profitability for Tehran.

The Iran SCOCOEX event will also provide an opportunity to advance those goals and enhance interaction among the main actors and influential planners in an international forum.


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