ASTRAKHAN (Itar-Tass) -- Russia backs the initiative on the creation of the Caspian Economic Cooperation Organization, First Vice Prime Minister Viktor Zubkov said at the first intergovernmental economic conference of Caspian littoral states on Friday.

“Russia backs such an initiative, the establishment of the organization will promote consolidation of the Caspian five,” he said.
It is planned that the organization members will become Russia, Azerbaijan, Iran, Kazakhstan and Turkmenistan. “The main spheres of the organization’s activity would be cooperation in the energy industry, transport, aquatic biological resources sphere, as well as in finances, investments and trade,” believes the Russian first vice prime minister.
“It is possible to create two centers in the future – a centre of Caspian economic and political studies and centre for biological resources’ research,” Zubkov stated. He also believes that it is possible in the future to establish “a special organization for the financing of joint investment projects –- a joint bank.”
According to a report of the Azerbaijani news agency APA, the first Intergovernmental Economic Conference of the Caspian littoral states started in Astrakhan with the participation of that government representatives of Russia, Azerbaijan, Iran, Kazakhstan and Turkmenistan and representatives of international companies will attend the conference.
The meeting of governments and related ministries of the Caspian region, sessions of the representatives of business and expert circles, press conferences, introduction of investment projects of the Caspian states, cultural and industrial facilities of Astrakhan have been scheduled within the two-day conference, it said.
The sessions will focus on improvement of economic cooperation, development prospects of oil, gas, transport infrastructure, ecological security of the region and other issues.
International exhibition of investment projects and technologies of regional countries will also take place within the framework of the conference. Russia’s Prime Minister Vladimir Putin addressed the participants of the conference.
According to the press service of Astrakhan governor, the appeal says that the aim of the forum is to give impetus to the development of effective partnership in the Caspian.
Voice of Russia reported that the economic conference is discussing ways to build a regional economic cooperation organization. The delegates want this new organization to resemble that of the Black Sea in its efforts to encourage the free flow of commodities, money, services, and labor force across the member-nations’ borders.
Chances for the creation of a Caspian bank were discussed in the run-up for the Astrakhan conference but final decisions will be made at the Caspian summit conference, which is to be held early next year in Baku, Azerbaijan.