Business

Strategic planning stressed for greater trade and investment among IORA countries


Published : 30 Jun 2022 08:57 PM

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). 

This was discussed at a virtual meeting recently attended by Sheikh Fazle Fahim, Chairman of the Indian Ocean Rim Business Forum (IORBF) and Nokuthula Ndlovu, Focal of the South African IORBF.

The IORBF is a trade and investment organization of economic groups of 23 countries within the IORA, including 6 observer countries. The organization 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 organization of coastal countries of the Indian Ocean, works for development through regional cooperation among its member countries. The IORAis made up of 23 member states and 9 dialogue partners. The alliance mainly deals with disaster risk management, tourism and culture, maritime safety and security, fisheries management, trade and investment facilities, as well as academic, scientific and technical cooperation. 

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