Momen for Regional Cooperative Mechanism over Blue Economy

Foreign Minister Dr AK Abdul Momen today underlined the need for developing a regional cooperative mechanism among the countries shoring Indian Ocean for harnessing optimum benefit of blue economy. 

"We need to develop a cooperative mechanism among the littoral states of the Indian Ocean to promote collaboration for reaping maximum benefits of blue economy," he said. 

The foreign minister was speaking at the India Ocean Rim Association (IORA) Business Forum Leadership Summit at a hotel here.

The summit was held while Bangladesh, as the current chair of IORA is going to host the 22nd Meeting of the Council of Ministers (COM) under the theme "Harnessing the opportunities of the Indian Ocean sustainably for inclusive development" on November 24. 

Dr Momen said Bangladesh believes that the regional vision for the blue economy must be supported by a balanced integration of the economic, social and environmental elements of development.

He said Dhaka considers Blue Economy as one of the cornerstones of its economic growth and socio-economic development. 

In Indian Ocean, he said, unregulated and illegal fishing is depleting the fish-stock and destroying coral reefs changing the natural habitat. 

"I acknowledge that there is a need for a sustained dialogue among business leaders, scholars, practitioners and policy makers to identify and deliberate on various economic challenges confronting the region, identify mechanisms to address those and evolve new frameworks for co-operation with the regional countries," the minister said. 

At the same time, he said, abuse of waters, oceans leading to global warming could be investigated and corrective actions to be taken. 

"For example, within the last 20 years, the temperature of Indian Ocean has increased significantly," he added. 

The foreign minister said IORA has evolved into an important regional group spanning the Indian Ocean through sustained dialogue and cooperation and now is playing as a key driving force to ensure development, peace and stability in the region.