‘Strategic plan key for boosting trade among IORA countries’

Strategic roadmaps are needed to identify strong economic sectors for greater trade and investment among the member countries of the Indian Ocean Rim Association (IORA).

The observation was recently made at a virtual meeting attended by Indian Ocean Rim Business Forum (IORBF) Chairman Sheikh Fazle Fahim and Focal of the South African IORBF Nokuthula Ndlovu, said the group in a statement.

The IORBF is a trade and investment organisation of economic groups of 23 countries within the IORA, including six observer countries. The organisation is a diverse mix of developing, middle-income, G20 and G7 countries.

The IORBF, as the primary body of business representatives, assists in project recommendations and policy formulation for member states.

The IORA, an organisation of coastal countries of the Indian Ocean, works for development through regional cooperation among its member countries.

The IORA is made up of 23 member states and nine dialogue partners. The alliance mainly deals with disaster risk management, tourism and culture, maritime safety and security, fisheries management, trade and investment facilities, and academic, scientific and technical cooperation.

The IORA also specializes in the blue economy and women’s economic empowerment.