IORA Business Summit 2017: The Rise of the Indian Ocean Economy

Jakarta, IORA – Today, history is written. At the IORA Business Summit which marks the commemoration of the 20th Anniversary of the IORA, the Governments and business players have pledged to strengthen economic cooperation amongst the IORA member states. Such cooperation aims to materialize the aspiration of the 21 IORA member states to boost a sustainable and equitable economic growth for all member states and to create a strong foundation for regional economic cooperation.

This was enunciated by Minister of Trade of the Republic of Indonesia Enggartiasto Lukita in his remarks at the opening of the IORA Business Summit held for the first time ever on Monday (3/6) at the Jakarta Convention Center, Jakarta.

“We have known each other in the Indian Ocean rim region for hundreds of years. Unfortunately, we have long turned our back on the potential of the IORA region. To that end, the President’s mandate to embark on the economic potential in this region needs the full support and constitutes a momentum for the rise of economy in the Indian Ocean,” the Minister said.

The IORA region offers great potential in trade and investment for a long time. However, we need to respond to the challenges posed by the rapid dynamics of the global economy and growth in recent times. “The IORA Business Community represented by its respective Chamber of Commerce and Industry has agreed to work closely with the governments of the IORA member states in order to build a better future,” the Minister said.

President of South Africa and President of Mozambique along with the IORA member states delivered their remarks at the IORA Business Summit regarding the best measures to promote a sustainable and equitable economic growth in the IORA region. The main focus of the issue is how globalization can coexist and strengthen each other with a principle of a sustainable and equitable economic growth. 

“The IORA Business Summit discussed specific issues that become the concerns of global community, namely the empowerment of globalization of Small and Medium Enterprises, women empowerment through innovation, digitization, and access to finance, tourism, as well as connectivity and infrastructure,” he said. Earlier, small meetings attended by the representatives of Chambers of Commerce and Industry in the IORA region were already held.

“The meeting aimed to prepare for the concept of a Joint Declaration of the IORA Business Community to promote a sustainable and equitable economic growth. The Declaration will then be reported to the IORA leaders,” the Minister said. There are 300 participants who attended the meeting representing various business sectors in the IORA region.

Also present at the meeting were participants from China, Germany, Japan and the UK. This is proof of the strong attraction of the IORA region for global business players,” the Minister concluded.