MOSCOW, July 4. /TASS/. The unrestrained buildup of debts by developed countries raises the chances of a new global crisis and enhances the global conflict potential, Russian President Vladimir Putin said at the opening of the SCO summit on Tuesday.

"Geopolitical contradictions are intensifying, the international security system is deteriorating, and the risks of a new global economic and financial crisis are rising against the backdrop of uncontrolled debt accumulation in developed countries, social stratification, growing global poverty, and deteriorating food and environmental security. All these issues, each of them complicated and diverse in its own right, add up to a significant rise in conflict potential," he said.

Putin emphasized that the SCO is playing an increasingly important role in international affairs in the current circumstances, making "a real contribution to maintaining peace and stability, ensuring sustainable economic growth of member states, and strengthening ties between peoples."

"Russia has advocated and continues to advocate increasing cooperation between the countries of our association in the investment, banking, and financial sectors, as well as industry, energy, transport and logistics, agriculture, communications, digitalization, and high technologies," Putin noted.

The SCO was established in Shanghai on June 15, 2001. Today, the organization comprises eight countries: Russia, Kazakhstan, China, Kyrgyzstan, Tajikistan and Uzbekistan as the founding states, as well as India and Pakistan, which joined the organization in 2017.

All member states of the organization take part in the SCO summit in New Delhi. Iran, Belarus and Mongolia are invited as observers. Turkmenistan participates as a guest. The summit is also attended by the heads of two bodies of the organization - the Secretariat and the SCO Regional Anti-Terrorist Structure. The heads of six international and regional organizations - the UN, ASEAN, CIS, CSTO, EAEU and CICA - are also invited.