Indian Ocean Rim Association nations sign MSME agreement

Q.  What does IORA stand for?
- Published on 23 Jan 17

a. Indian Olympic Residents Association
b. Indian Ocean Rim Association
c. Indian Ocean Region Association
d. None of the above

ANSWER: Indian Ocean Rim Association
Indian Ocean Rim Association nations sign MSME agreementIORA member states have finalised an MoU for cooperation in SME (small and medium sized enterprises) sector.

MoUs were finalised at a New Delhi workshop on MSME Cooperation.

MoUs will take effect for each party following signatures by 5 nations.

Focus areas of the MoUs
  • Finalise linkages and alliances betweenMSME bodes and institutions in IORA countries.
  • Exchange best practices, programs and policies for MSME development.
  • Exchange greater involvement of MSMEs in the global supply chain and increase their market access.
  • Promote women and youth’s economic empowerment.
  • Encourage synergies with the IORA forum.
The coordinating agency for the MoU implementation is the Mauritius based IORA Secretariat.

For carrying out the MoU activities, IORA special fund will be created by member nations.

There are 14 IORA member states.

About IORA
  • International organisation comprising coastal states bordering the Indian Ocean.
  • Established: 1997
  • Aim: Promote cooperation in the Indian Ocean region.
  • Formerly known as IOR-ARC/ Indian Ocean Rim Association for Regional Cooperation.
  • IORA Secretariat: Ebene, Mauritius.
  • This tripartite regional forum brings together reps from Government, business and academia.
  • Based on the principles of Open Regionalism for economic cooperation.
  • IORA has 21 member states and 7 dialogue partners.
  • Observer status: Indian Ocean Research Group, Indian Ocean Tourism Organisation.

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