Latest news with #SCO
Arab News
5 hours ago
- Business
- Arab News
Pakistan champions SCO Development Bank plan to drive regional economic integration
KARACHI: Pakistan's finance chief Muhammad Aurangzeb highlighted his country's support for the establishment of a Shanghai Cooperation Organization (SCO) Development Bank during his address to the meeting of his regional counterparts on Tuesday while describing the initiative key to economic integration. Aurangzeb made the remarks as he virtually joined the SCO finance ministers' meeting held in Beijing due to Pakistan's ongoing annual budget preparations. The SCO, a key Eurasian political and economic bloc, has emerged as a major platform for regional coordination and economic cooperation. The SCO Development Bank is a proposed multilateral financial institution to serve member states that has been under discussion for several years. It has gained renewed interest from some SCO countries like Pakistan, China and Russia as part of efforts to boost regional economic integration, infrastructure financing and regional connectivity. 'Regarding the SCO Development Bank, Pakistan strongly supports this establishment,' the Pakistani finance minister said during his address. 'We envision the bank as an institution for innovation, integrating digital finance, fintech solutions and green financing mechanisms into its core operations, and look forward to engaging on the technical details of establishment of the SCO Development Bank,' he added. Aurangzeb also welcomed the operational launch of the SCO's network of financial think tanks, saying it would provide a platform for strategic foresight and policy research to support financial cooperation across member states. Highlighting Pakistan's recent economic performance, he said the country had made 'significant progress' on macroeconomic stability, citing a current account surplus, improved fiscal indicators, a stable currency, growing foreign exchange reserves and reduced inflation. These gains, he said, were supported by ongoing structural reforms in taxation, energy, public finance and state-owned enterprises. Aurangzeb reaffirmed Pakistan's commitment to the SCO's core principles and called for enhanced economic collaboration through joint ventures, technology transfer and capacity-building initiatives among member states. Noting global economic challenges such as slowing growth, rising inequality and climate change, he stressed that SCO countries must work together to promote sustainable and inclusive development, particularly across the Global South. 'Infrastructure development and regional connectivity are vital for promoting economic growth and integration,' he said, reaffirming Pakistan's support for transportation, energy and digital connectivity projects under the SCO framework. The finance minister concluded by reiterating Pakistan's commitment to advancing the SCO's vision of regional stability, prosperity and collective progress.
Business Recorder
6 hours ago
- Business
- Business Recorder
Structural reforms position Pakistan for sustainable growth, says Aurangzeb
Finance Minister Muhammad Aurangzeb on Tuesday said that the ongoing structural reforms have 'well-positioned' Pakistan for sustainable growth. He made these remarks during a virtual address at the Meeting of Ministers of Finance and Chairmen of Central (National) Banks of SCO Member States, held in Beijing, China. Aurangzeb shared that he had a desire to participate in the meeting in person, but due to the ongoing annual budget session in Pakistan, the minister was unable to travel to China. In his address, the finance minister highlighted Pakistan's recent macroeconomic indicators, including a 'current account surplus, primary surplus on the fiscal side, a stable currency on the back of growing FX reserves and inflation at a multi-year low'. He added that credit rating agencies have upgraded Pakistan's sovereign rating. 'This is on the back of structural reforms, which are well underway in sectors, i.e. taxation, SOE, energy and in the public finances. We are committed to staying the course and will be well-positioned for sustainable growth in the coming year.' The finance minister reaffirmed Pakistan's dedication to the vision and principles of the Shanghai Cooperation Organization (SCO). He emphasised that the SCO is a vital platform for promoting regional cooperation, enhancing economic ties, and working towards shared prosperity, in line with the 'Shanghai Spirit' and the SCO Charter. The minister highlighted Pakistan's ongoing efforts to strengthen economic cooperation within the SCO framework, calling for increased collaboration in trade, investment, and financial integration. He proposed initiatives such as joint ventures, technology transfer, and capacity-building programs that could deliver mutual benefits to all member states. Recognising the growing importance of the digital economy, he outlined Pakistan's digital financial initiatives aimed at promoting inclusion and expanding access to capital. He pointed to programs like Roshan Digital Accounts and digital banking platforms, which have shown notable success in widening access to financial services. The finance minister stressed the need for joint solutions to address major issues such as the global economic slowdown, growing economic disparities, rising wave of protectionism and climate change and called for the adoption of a sustainable development that benefits all member states. 'Pakistan believes that SCO member states can learn from each other's experiences and best practices in addressing these challenges in the global south,' he said. The Senator highlighted the importance of infrastructure development and regional connectivity in enhancing economic growth and supported measures to improve transport, energy and digital connectivity in the region. The minister reiterated Pakistan's strong support for the establishment of the SCO Development Bank, describing it as a pivotal institution to support infrastructure financing, promote development, and deepen regional economic integration. He envisioned the Bank as forward-looking, incorporating digital finance, fintech innovation, and green financing tools into its operations. 'We look forward to engaging on the technical details on the establishment of the SCO Development Bank,' he said. The finance minister also welcomed the operationalisation of the SCO Network of Financial Think Tanks, and was hopeful that it would serve as an 'excellent platform for research, analysis and strategic foresight in our financial cooperation'. In conclusion, the finance minister reiterated Pakistan's commitment to enhancing economic cooperation within the SCO framework. 'We believe that our collective endeavours will promote economic prosperity, stability and sustainable development in our region,' he said.
Time of India
4 days ago
- Business
- Time of India
Sergey Lavrov pushes for revival of Russia-India-China troika
Lavrov pushes for revival of Russia-India-China troika (Picture credit: AP) With India having resolved its 2020 border standoff with China in Ladakh, Russia is pushing India to restart the Russia-India-China (RIC) trilateral mechanism. Foreign minister Sergey Lavrov said an understanding had been reached between India and China on how to ease the situation on the border and it's time now for the revival of the RIC troika. "I would like to confirm our genuine interest in earliest resumption of the work within the format of troika - Russia, India, China - which was established many years ago on the initiative of Yevgeny Primakov (former Russian PM), and which has organised meetings over 20 times at the ministerial level since then, not only at level of foreign policy chiefs, but also heads of other economic, trade and financial agencies of three countries," said Lavrov, speaking at a conference, as per Russia's TASS agency. Lavrov is likely to take up the issue with Indian authorities during his upcoming visit to India. As TOI had reported on May 26, the Russian minister is likely to travel to India in June to finalise the agenda for the upcoming India-Russia summit that will see President Vladimir Putin visiting India for the first time since the Russia-Ukraine war started in Feb 2022. The Russian agency also quoted Lavrov as saying that Nato is blatantly trying to lure India into anti-China intrigues. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Egypt: New Small Electric Car For Seniors. Prices Might Surprise You. Electric Cars | Search Ads Undo "I have no doubts whatsoever that our Indian friends, and I say this based on confidential conversations with them, obviously see this trend that can be actually deemed as a large provocation," Lavrov said. India last hosted a meeting of RIC foreign ministers in a virtual mode in Nov 2021. The minister had then pledged to strengthen cooperation under the Shanghai Cooperation Organisation (SCO) saying the group played a constructive role in securing peace and sustainable development, advancing regional cooperation and consolidating ties of good-neighbourliness and mutual trust. While India hasn't taken any decision yet on participation in the SCO summit that China will host this year, Russia is hoping PM Modi will attend the event.
Business Standard
5 days ago
- Business
- Business Standard
The Rise of SCOs: Why Shop-Cum-Office Plots Are Emerging as NCR's Hottest Investment Bet
NewsVoir Delhi NCR [India], May 29: Shop-Cum-Offices (SCOs) are emerging as the new asset class in NCR's commercial real estate. Blending the functionality of a retail space with the practicality of office space, SCO's dual purpose serves both business visibility and workspace utility. The model is gaining the attention of investors and entrepreneurs due to its versatility, independence of ownership, and high rental yield potential. As per experts, SCO complexes are emerging as a favourite choice for developers, especially in the Delhi-NCR micro markets. According to a report by Knight Frank, there has been a significant 44% year-on-year (YoY) increase in office space leasing across eight major cities, underscoring the growing appeal of SCOs. Their versatility, coupled with affordable entry costs and high rental yields of roughly 9-10%, makes them a lucrative investment choice for both developers and investors. They house high streets, hypermarkets, offices, retail units, co-working spaces, restaurants and cafes, along with spaces for healthcare centres, banks, fitness centres, and gyms. Besides, the most attractive feature is the complete ownership of both land and built-up area, allowing investors full autonomy over design, construction, leasing, and usage. This level of control, combined with steady income potential, makes SCOs a smart, future-ready investment choice. Additionally, the growth of SCOs in Delhi-NCR is directly associated with the development of key micro-markets that offer visibility and appreciation in value. Prime areas such as Noida, Gurugram, and chosen pockets in Faridabad are experiencing a boom in SCO developments. These areas are not only highly populated but also strategically linked, and hence, are perfect for office and retail operations. The momentum is also fueled by transformational infrastructure developments such as the Dwarka Expressway, Delhi-Mumbai Expressway, and the soon-to-be-established Noida International Airport that spur investor optimism and long-term capital appreciation. Siddharth Katyal, CEO, Bhumika Group, says, "While flexible formats offer certain advantages, it's the long-term performance of retail-led investments--particularly those anchored by strong national and international brands--that continues to lead in both footfall and rental yield. In high-growth corridors like Faridabad and Gurugram, it's the presence of well-curated, fully leased retail ecosystems that sustains consumer engagement and bolsters investor confidence. Anchor stores in fashion, F & B, and wellness serve as powerful demand drivers, creating a robust consumption environment and supporting a more stable return cycle. As consumer behaviour shifts toward experience-led retail, institutional-grade developments clearly outpace fragmented assets in both value creation and resilience." Prakash Mehta, Chairman and Managing Director, Ocus Group, says, "The surge in demand for SCO complexes across NCR is a clear signal that the market is evolving, and Gurugram is leading this shift with conviction. Investors and business owners are gravitating toward the SCO model as it delivers on every front: capital appreciation, rental returns, and operational flexibility. Among the prominent sectors of Gurugram, Sector 99 on the Dwarka Expressway, in particular, is emerging as a commercial hotspot, due to its unbeatable connectivity and infrastructure growth. Hence, we look forward to curating high-potential business hubs that cater to both entrepreneurs and established brands, offering them prime locations with modern infrastructure." Further, SCOs have struck a chord with SME and startups, offering them the flexibility and control they seek. As hybrid work becomes the norm, entrepreneurs are gravitating toward self-owned commercial spaces that are not only functional but also close to residential catchments. Ashwani Kumar, Pyramid Infratech, says, "SCOs are not just another real estate project; they represent a paradigm shift in how commercial spaces are conceived and consumed, especially in a dynamic market like Gurugram. Today, businesses don't want rigid, one-size-fits-all formats; they want autonomy, scalability, and ownership, and that's exactly what SCOs offer. As developers, we believe SCOs are the future of urban enterprise--spaces where startups can grow, retailers can thrive, and established firms can expand without compromise." Vishal Sabharwal, Head Sales, Orris Group, says, "SCO developments are rewriting the rules of commercial real estate, especially in high-demand markets like Gurugram. Their hybrid format isn't a convenience; it's a competitive advantage. The ability they offer to own, brand, and customize a space that functions both as a storefront and a workplace is a game-changer. Besides, the superior rental yields and appreciation potential it offers indicate why investors and business owners are doubling down on this format. In our view, SCOs represent the future of commercial property; flexible, profitable, and built for businesses that want more than just a lease." Thus, SCOs are no longer seen as speculative plays; they're being recognized as strategic, long-term wealth-building assets. Their ability to serve both retail and office functions gives them a unique edge in a rapidly evolving business environment. As high-footfall locations continue to develop across NCR and infrastructure projects mature, the demand for self-owned, flexible-use commercial spaces will only intensify.
Fashion Value Chain
5 days ago
- Business
- Fashion Value Chain
The Rise of SCOs: Why Shop-Cum-Office Plots Are Emerging as NCR's Hottest Investment Bet
Shop-Cum-Offices (SCOs) are emerging as the new asset class in NCR's commercial real estate. Blending the functionality of a retail space with the practicality of office space, SCO's dual purpose serves both business visibility and workspace utility. The model is gaining the attention of investors and entrepreneurs due to its versatility, independence of ownership, and high rental yield potential. As per experts, SCO complexes are emerging as a favourite choice for developers, especially in the Delhi-NCR micro markets. Modern Shop-Cum-Office (SCO) plots offer lucrative investment opportunities in NCRs booming commercial real estate market According to a report by Knight Frank, there has been a significant 44% year-on-year (YoY) increase in office space leasing across eight major cities, underscoring the growing appeal of SCOs. Their versatility, coupled with affordable entry costs and high rental yields of roughly 9-10%, makes them a lucrative investment choice for both developers and investors. They house high streets, hypermarkets, offices, retail units, co-working spaces, restaurants and cafes, along with spaces for healthcare centres, banks, fitness centres, and gyms. Besides, the most attractive feature is the complete ownership of both land and built-up area, allowing investors full autonomy over design, construction, leasing, and usage. This level of control, combined with steady income potential, makes SCOs a smart, future-ready investment choice. Additionally, the growth of SCOs in Delhi-NCR is directly associated with the development of key micro-markets that offer visibility and appreciation in value. Prime areas such as Noida, Gurugram, and chosen pockets in Faridabad are experiencing a boom in SCO developments. These areas are not only highly populated but also strategically linked, and hence, are perfect for office and retail operations. The momentum is also fueled by transformational infrastructure developments such as the Dwarka Expressway, Delhi-Mumbai Expressway, and the soon-to-be-established Noida International Airport that spur investor optimism and long-term capital appreciation. Siddharth Katyal, CEO, Bhumika Group, says, 'While flexible formats offer certain advantages, it's the long-term performance of retail-led investments-particularly those anchored by strong national and international brands-that continues to lead in both footfall and rental yield. In high-growth corridors like Faridabad and Gurugram, it's the presence of well-curated, fully leased retail ecosystems that sustains consumer engagement and bolsters investor confidence. Anchor stores in fashion, F&B, and wellness serve as powerful demand drivers, creating a robust consumption environment and supporting a more stable return cycle. As consumer behaviour shifts toward experience-led retail, institutional-grade developments clearly outpace fragmented assets in both value creation and resilience.' Prakash Mehta, Chairman and Managing Director, Ocus Group, says, 'The surge in demand for SCO complexes across NCR is a clear signal that the market is evolving, and Gurugram is leading this shift with conviction. Investors and business owners are gravitating toward the SCO model as it delivers on every front: capital appreciation, rental returns, and operational flexibility. Among the prominent sectors of Gurugram, Sector 99 on the Dwarka Expressway, in particular, is emerging as a commercial hotspot, due to its unbeatable connectivity and infrastructure growth. Hence, we look forward to curating high-potential business hubs that cater to both entrepreneurs and established brands, offering them prime locations with modern infrastructure.' Further, SCOs have struck a chord with SME and startups, offering them the flexibility and control they seek. As hybrid work becomes the norm, entrepreneurs are gravitating toward self-owned commercial spaces that are not only functional but also close to residential catchments. Ashwani Kumar, Pyramid Infratech, says, 'SCOs are not just another real estate project; they represent a paradigm shift in how commercial spaces are conceived and consumed, especially in a dynamic market like Gurugram. Today, businesses don't want rigid, one-size-fits-all formats; they want autonomy, scalability, and ownership, and that's exactly what SCOs offer. As developers, we believe SCOs are the future of urban enterprise-spaces where startups can grow, retailers can thrive, and established firms can expand without compromise.' Vishal Sabharwal, Head Sales, Orris Group, says, 'SCO developments are rewriting the rules of commercial real estate, especially in high-demand markets like Gurugram. Their hybrid format isn't a convenience; it's a competitive advantage. The ability they offer to own, brand, and customize a space that functions both as a storefront and a workplace is a game-changer. Besides, the superior rental yields and appreciation potential it offers indicate why investors and business owners are doubling down on this format. In our view, SCOs represent the future of commercial property; flexible, profitable, and built for businesses that want more than just a lease.' Thus, SCOs are no longer seen as speculative plays; theyre being recognized as strategic, long-term wealth-building assets. Their ability to serve both retail and office functions gives them a unique edge in a rapidly evolving business environment. As high-footfall locations continue to develop across NCR and infrastructure projects mature, the demand for self-owned, flexible-use commercial spaces will only intensify.
