On May 16, 2014 in Almaty, Kazakhstan, an extended session of the CoordinationCouncil of Financial and Banking Association of countries-members of the Cooperation of Shanghai (FBA CS) was held. The session attended management and members of the Association, representatives of financial, banking and business structures from 10 countries, including the U.S. and Japan.

Opening the session, FBA CS President B. Baiseitov noted that, despite some signs of recovery in the global economy, serious consequences of the international financial and economic crisis has not yet been fully overcome. However, in the SCO member states area retained macroeconomic stability, noted some growth in GDP and industrial production as well as volumes of mutual trade and investments. All this enables international financial and business structures to develop their activity more efficiently on the SCO territory, directing it to the practical implementation of their initiatives and projects.

The welcome address was made by the Chairman of the Kazakhstan National Section of the SCO Business Council, Chairman of the Kazakhstan Forum of Entrepreneurs R. Batalov. He reminded the audience about main goals of economic cooperation expansion, set at the last meeting of SCO Government Heads in Tashkent on November 29, 2013, and underlined the importance of Activities plan practical implementation of the multilateral trade and economic cooperation program realization of SCO member states and list of actions for the further development of project activities within the Organization for 2012-2016 years.

In the report of the Chairman of the FBA CS Coordination council A. Murychevsounded that future objectives of the Association should be: forming up relationship between financial and banking business and management of SCO states, observer statesand dialogue partners, development of financial services,creation of analytical and expertcenter for selection and promotion of investment projects.

Also shot greeting addresses to the participants and guests were made by DeputyChairman of the National Bank of Kazakhstan K. Kozhakhmetov, Acting Chairman of the Committee for the Control and Supervision of Financial Market and FinancialOrganizations of the National Bank of Kazakhstan M. Bubeev, Member of the Council of Kazakhstan Stock Exchange A. Joldasbekov.

The main topics of discussion were interaction of financial and banking structuresin the Shanghai Cooperation countries territory, formation of an investment projects “bank”, continue work on expanding the Association’s activities geography, upkeep of current and establish new business relations, continue implementation of FBA CS plan.

Special role on the session was assigned to big investment and financial structures, stock exchanges and funds which not only made presentations of their organizations andtold about their plans and prospects for cooperation, but also presented their mono and transnational investment projects and expressed their interest in joining the Associationfor expanding mutually beneficial cooperation and effective implementation of investment projects.

One of the session’s agenda items was presentation of Association membershipCertificates and partnership Diplomas to ten new financial and banking structures.

All session participants noted rapid development of the Association, what confirmed by conclusion of more than 20 membership and partnership agreements and creation of investment projects “bank” for the past time. In addition, for effective realization of statutory goals, the Association initiated creation of the International Investment Center, International Investment Fund, International Legal Center and a number of consultation and support structures, what will help expand the possibilities for smooth and effective cross-border cooperation.