The Shanghai Cooperation Organization (SCO) is an indispensable multilateral organization for securing regional security and stability, according to Kyrgyz President Kurmanbek Bakiyev.

The president made the remarks in an interview with major Chinese media, saying the SCO has drawn world attention since its establishment, and is regarded as a multilateral organization with the brightest prospects for development and has great political and economic potentials.

Playing an irreplaceable role in regional security and stability, the SCO is also an effective mechanism for boosting mutual trust, good neighborliness and cooperation in all fields among its member states, said the president.

Economic cooperation is a key factor in consolidating the SCO, he said, adding that China's offer of a loan of 900 million US dollars on favorable terms for other SCO member states has created good conditions for strengthening multilateral cooperation within the SCO framework.

Continuing work to improve the judicial foundation is an important aspect on the SCO's agenda, he said.

By establishing an effective mechanism of coordination with the SCO observers to enable all of the SCO member states and the observers to participate in large-scale economic cooperative programs, the activities of the organization will become more practical, the president said.

He said the prospect for the SCO is extremely broad with great tasks and high ambitions, such as coping with international threats and challenges, launching the fight against terrorism, extremism and separatism, deepening cooperation in economy and trade, improving the living standards of the people, securing social and political stability as well as extending cooperation in technology, science and education.

The upcoming SCO summit in Shanghai will be of great importance as it will mark the fifth anniversary of the SCO establishment, sum up past experiences, set priorities for the future and appoint new leaders for its permanent body, the president said.

Kyrgyzstan will make continuous contributions to the development of the SCO, Bakiyev pledged, saying that strengthening Kyrgyzstan's ties with the SCO matches the country's diplomatic priorities and national interests.

The SCO, founded in Shanghai on June 15, 2001 with a view to promoting regional security and fighting terrorism, groups China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. The SCOhas accepted Mongolia, Iran, Pakistan and India as observers.