"The IORBF needs to come up with a concrete initiative to improve economic cooperation and business in the Indian Ocean region," Yugi said here on Friday.
He pointed out that the IORBF meeting, led by Indonesia and South Africa, aims to improve interaction and cooperation among IORAs businessmen and its dialogue partners in order to develop cooperation in economy, trade and investment in the Indian Ocean region.
"The IORBF agrees that economic cooperation opportunities need to be explored further and these include the IORA Comprehensive Economic Partnership Agreement (IORA-CEPA ) and IORA Business Travel Card (IBTC)," Yugi noted.
These initiatives are supported by IORA member countries, among others, South Africa, Australia, India, Indonesia, Kenya and Mauritius.
According to him, the forum agrees that the establishment of IORA-CEPA is very important to improve economic cooperation, trade and investment in the Indian Ocean region.
The IORA-CEPA, Yugi pointed out, is expected to become an umbrella for IORA economic cooperation in order to increase trade and investment, open market access, develop industry as well as strengthen regional value chain and structural reforms.
Meanwhile, the IBTC, he underlined, is expected to ensure mobility of entrepreneurs and facilitate business interaction among the IORA member states.
"The IBTC in time will strengthen people-to-people contact, including business-to-business links among IORA member nations," Yugi stressed, adding that the IORBF really hopes these two initiatives will be discussed at the 20th Anniversary Commemorative Summit of IORA meeting in March 2017.
He added that the agreements reached at this meeting will be reported to the Committee of Senior Officials on October 25-26, 2016 and to the Council of Ministers on October 27, 2016.
Forty businessmen from various IORA member countries are participating in this 22nd IORBF meeting.
The IORA focuses on economic, trade and investment cooperation. It comprises 21 countries, namely, South Africa, Australia, Bangladesh, India, Indonesia, Iran, Kenya, Madagascar, Malaysia, Mauritius, Mozambique, Oman, the United Arab Emirates, Singapore, Seychelles, Somalia, Sri Lanka, Tanzania, Thailand, Comoros and Yemen.
Australia passed on the chairmanship of IORA to Indonesia in 2015. Indonesia is the IORA Chairman for 2015-2017.(*)
Editor: Heru Purwanto
Copyright © ANTARA 2016
