Sheikh Fazle Fahim is the new chairman of Indian Ocean Rim Business Forum


Sheikh Fazle Fahim is the new chairman of Indian Ocean Rim Business Forum

Sheikh Fazle Fahim has become the newly elected chairman of the Indian Ocean Rim Business Forum (IORBF). IORBF is the main body of business representatives of the Indian Ocean Rim Association (IORA) which assists in project recommendation and policy formulation for the member states. For the first time since the establishment of IORA in 1997, the President of 2021-2023 has been elected.

The 23rd Senior Officers Committee and Stakeholders Meeting was held on 15th and 16th November this month in hybrid format (physical and virtual medium). Besides a ministerial level conference is going to be held on November 17 in the capital. The conference will be attended by more than 80 delegates, including 12 ministers from 23 countries and 9 dialogue partners.

In his speech Sheikh Fazle Fahim outlined his far-reaching plans with the IORBF. While discussing the geopolitical importance of the Indian Ocean as an important trading hub for the whole world, he also mentioned the challenges facing the IORBF in the aftermath of covid-19.

Sheikh Fazle Fahim highlighted supply chain barriers, rising trade logistics costs, declining private sector investment, economic stagnation and inflation. He later discussed possible solutions to the challenges.

The IORA, an alliance of countries in the Indian Ocean region, conducts development activities through the creation of regional cooperation among its member countries.The IORA has 23 member states and 9 dialogue partners. The Alliance mainly deals with Disaster Risk Management, Tourism and Culture, Maritime Security, Fisheries Management, Trade and Investment Facilities, Academic and Science and Technology Cooperation.  IORA also works with Blue Economy and Women's Economic Empowerment.

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