Indian Ocean Rim Association (IORA) member-States today signed MoU/agreement for cooperation in small and medium-sized enterprises-SME sector on 21 January 2016, at New Delhi.
SME is the funding of small and medium-sized enterprises, and represents a major function of the general business finance market.
Around 29 delegates from 14 IORA attended the two day workshop to finalise the MoU/agreement in New Delhi. The member countries agreed to have a common MoU/Agreement to help each other in the development in SMEs in the region.
This agreement will focus areas that will finalize linkages and alliances amongest Ministry of Micro, Small & Medium Enterprises (MSMEs) organisations, associations and various institutions engaged in MSME development in their countries; and exchange best practices, policies and programmes for development of the sector. Youth and women’s economic empowerment will also be promoted.
The Association comprises 21 member states and 7 dialogue partners
Countries with the status of dialogue partners are:
- United Kingdom
- United States
IORA consists of coastal states bordering the Indian Ocean, which is formed in 1997 to enhance the cooperation in the Indian Ocean area. It was formerly known as the Indian Ocean Rim Initiative and Indian Ocean Rim Association for Regional Cooperation (IOR-ARC). Its official coordinating Secretariat is located at Ebene, Mauritius. Basically, it is a regional forum that includes the different associations that brings together representatives of Government, Business and Academia, for promoting the cooperation and the closer interaction among them. This is based on the principles of Open Regionalism for strengthening economic cooperation particularly on trade facilitation and investment, promotion as well as social development of the region.
IORA consists of 21 member states and 7 dialogue partners, Indian Ocean Research Group and the Indian Ocean Tourism Organisation have observer status.