Sheikh Fazle Fahim has been elected as the Chairman of Indian Ocean Rim Business Forum (IORBF), said a press release.
IORBF is the primary body for business representatives to formulate policies and project recommendations to IORA (Indian Ocean Rim Association) member states. Since the establishment of IORA in 1997, Bangladesh has been elected for the first time as Chair for 2021-2023.
The 23rd Committee of Senior Officials (CSO) meeting of IORA is taking place on 15-16 November, 2021 and the 21st Council of Ministers (COM) is set to take place on 17 November, 2021. More than 80 representatives, including 12 ministers of 23 countries and nine dialogue partners will attend the event in Dhaka.
In a speech given in the CSO meeting, Sheikh Fazle Fahim talks about his plans with IORBF moving forward. While discussing the geo-economic importance of the Indian Ocean as a vital trading hub for the entire world, Mr. Fahim points out the challenges imposed on IORBF’s operations in the aftermath of COVID-19.
Sheikh Fazle Fahim expanded upon supply chain disruptions, the rising cost of trade logistics, decline of investments in the private sector, economic stagflation and inflation. Mr. Fahim then proceeded to suggest possible solutions which can be implemented to combat these challenges.
IORA works to improve regional cooperation through the creation of sustainable development within the Indian Ocean region. IORA has 23 Member States and 9 dialogue partners. The primary focus of IORA lies in Disaster Risk Management, Tourism & Cultural Exchanges, Maritime Safety & Security, Fisheries Management, Trade & Investment Facilitation, and Academic, Science and Technological Cooperation. Their two other focus areas are Blue Economy and Women’s Economic Empowerment.
