Regional
Institutions
ECO Shipping Company, ECO Air Project, ECO Chamber of Commerce, ECO Trade and Development Bank, ECO Reinsurance Company, ECO College of Insurance, ECO Consultancy & Engineering Company are the Regional Institutions of ECO.
| ECO Shipping Company |
Brief Information on ECO Shipping Co.
The Agreement and the Articles of Association of the Company had been signed by six Member States namely: Afghanistan, Iran, Kazakhstan, Kyrgyz Republic, Pakistan, Turkmenistan in Islamabad on 15 March 1995.The Company has hired two multi-purpose ships for its operations.
The idea of ECO Air Project was endorsed in the Second ECO Summit in Istanbul on July 1993. Since the Agreement and its Articles of Association did not attract the interest of signatory Member States and it was felt that the implementation of ECO Air Project requires huge funds and the Member states in their current economic situation could not afford it, the 11th COM finally shelved the project in May 2001. In its place it recommended formulating and adopting an ECO Framework Agreement on cooperation in the field of air transport in order to increase the effectiveness of air services in the ECO region.
ECO-CCI was established on June 10, 1993. Its objectives are to contribute to enhance economic cooperation and relations in trade, industry, agriculture, tourism, contracting, engineering and banking sectors as well as to realize joint investments among the Member States. National Chambers of Afghanistan, Azerbaijan, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Tajikistan and Turkey are member of ECO-CCI.
The 7th General Assembly Meeting of ECO Chamber of Commerce and Industry (ECO-CCI), held on April 20, 2004 in Kabul, Afghanistan. The General Assembly unanimously agreed to give Chairmanship and Secretariat of ECO-CCI to Afghan Chamber of Commerce for two years. The participating member states also offered some proposals for developing new mechanism and modalities for better interaction between member chambers and to re-activate ECO-CCI. Islamic State of Afghanistan also offered to host 10th Executive Committee Meeting of ECO-CCI in October 2004 in Kabul, Afghanistan.
The main objective would be to finance intra-regional trade and development projects in the ECO Member countries. The principal office of the Bank will be located in Turkey. The Islamic Republic of Iran, Islamic Republic of Pakistan and Republic of Turkey signed the Articles of Agreement at Islamabad on 15 March 1995. The Agreement has been ratified by the signatory Member States and expected to enter into force in near future.
The Trilateral Interim Committee Meeting on the Establishment of ECO Trade & Development Bank was held in Ankara, Republic of Turkey on April 6-7, 2004 in which it was decided to expedite the actions need to be taken for early operationalization of the Bank.
Brief Information on ECO Re-insurance Co.
In March 1995, Iran, Pakistan and Turkey agreed to establish ECO Reinsurance Company. The Company shall supplement the existing reinsurance services in the region, promote growth of the national underwriting and retention capacities, minimize the outflow of foreign exchange from the region and to support economic development in the region.
The three member countries decided to form a Trilateral Interim Committee which will meet from time to time to pave the way for the establishment of this important institution. The Trilateral Interim Committee in its various meetings has reviewed the relevant issues such as the development of the business plan and signing of the Articles of Agreement already finalized by a group of Experts from the three founding member countries. The meeting of ECO Reinsurance Company is the ECO’s priority-I activity to be held during the current calendar year.
Accordingly, the last meeting of the Trilateral Interim Committee on the establishment of ECO Reinsurance Company was held on June 23-24, 2004 in Islamabad, Pakistan. It was decided to sign the Articles of Agreement in the next meeting which is to be held on 25-26 August 2004 in Islamabad. The meeting also noted that since all the essential and required aspects of the Business Plan for the Reinsurance Company, prepared by a UNDP Consultant, have been covered in the Articles of Agreement of the Company. However, the report could be taken for consideration after the establishment of ECO Reinsurance Company as and when required.
With the blessings of the governments of all the ECO Member States, a central resource pool has been created in the shape of ECO Consultancy and Engineering Company (Pvt.) Ltd., or ECO-CEC, to assist in the development projects sponsored by ECO Member States or by its Trade and Development Bank. The founder States are Islamic Republic of Iran, Islamic Republic of Pakistan and Republic of Turkey which hold an equal share in ECO-CEC, Turkey being represented by two companies and Iran and Pakistan, by one each.
The Iranian and Turkish Companies specialize mainly in oil and gas pipelines, refineries, petrochemical and industrial engineering, while the Pakistani partner in all other fields of development engineering, including communications, power, urban development public health, telecommunications, water resources development and agriculture.
ECO-CEC provides its expertise in the entire range of consultancy operations, starting from conception, project planning and appraisal, through pre-feasibility, feasibility and financial studies, investigation and exploration, site selection to engineering design, material and equipment specifications, construction supervision, contract management, quality control and preparation of technical manuals for the operation and maintenance of the projects.
ECO College of Insurance, based in Tehran has the approval of the ECO Council of Minister and its establishment is supported by the ECO Insurance Management Board and the Governing Body. The college is a state-owned and non-profit institution of higher education. The medium of education in the college is English and will primarily accommodate students from ECO member countries. It is functioning since 1992.
Further information about the ECO-COI activities can be obtained from Website: http://ecoi.atu.ac.ir
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