NEW DELHI, July 4. /TASS/. Iran's admission to the Shanghai Cooperation Organization (SCO) will allow the Islamic Republic to achieve long-term economic prosperity, President of the Islamic Republic of Iran Ebrahim Raisi said on Tuesday.

"The SCO is a young organization with great potential, which is leading the way in developing political and economic cooperation among member countries. This is important for Iran. We believe that membership in this organization would provide Iran with an opportunity for long-term economic development," he said.

Raisi expressed confidence that Iran's admission to the SCO will create a "platform for ensuring collective security."

The SCO officially announced Iran's membership in the organization on Tuesday. The Islamic Republic became the ninth member of the organization. The SCO was founded in Shanghai on June 15, 2001.

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.