Speaking to the SCO Summit on September 1, Russian President Vladimir Putin reminded one and all of the dark shadow over mankind, when Nazi Germany invaded Poland on this day in 1939. He underlined the bloody lesson that governments must work, pre-emptively, to prevent the types of provocations and political confrontations that slide into world war.
Then, Putin reviewed the growth and capabilities of the SCO. The organization now represents a third of the world’s economic production, and half of the world’s population, and is a capability for carrying out the role that was so needed, but absent, in 1939. India and China are economic behemoths; Russia is a major energy and military power; Central Asia members are strategically placed to connect South Asia, Southwest Asia and Europe. Iran is yet another energy producer that has joined; Belarus is a window to Europe, etc. The size and capacities of the organization, along with the equitable and respectful dealings among its members, have attracted interest, as it expands its influence over trade, energy, infrastructure, security and financial cooperation across a vast portion of Eurasia.
Putin then motivated accelerated progress to a fully-functional SCO Development Bank, as an important capability for operating independently of the weaponized Western financial systems. He identified the obvious need that infrastructure—transport corridors, railways, energy networks, digital infrastructure, logistics centers and industrial projects—has for the use of massive amounts of long-term capital. Putin also identified the remaining difficulties, as various member-countries have different levels of connections and obligations with the various international financial agencies, and there remain important questions to be settled about fair and workable arrangements amongst members.
