Economy, Domestic Economy

Chabahar Hosts 1st IORA Meeting

Chabahar Hosts 1st IORA MeetingChabahar Hosts 1st IORA Meeting

The port city of Chabahar, located in the southern Sistan-Baluchestan Province, hosted the first meeting of the Indian Ocean Rim Association on Thursday and Friday.  The event was attended by free trade zone authorities of over 20 countries, IRNA reported. “Some two billion people live in the countries of the Indian Ocean littoral states whose overall GDP amounts to $7,000 billion. Granting incentives to investors, providing member states with access to each other’s markets and using the potential of the private sector can contribute to the development of these countries,” said Es’haq Jahangiri, Iranian first vice president, at the meeting. The association has 20 members, namely Australia, Bangladesh, Comoros, India, Indonesia, Iran, Kenya, Madagascar, Malaysia, Mauritius, Mozambique, Oman, Seychelles, Singapore, South Africa, Sri Lanka, Tanzania, Thailand, Yemen and the UAE. Jahangiri noted that Iran can be the access point between the IORA countries and the 300-million market of Central Asia, through which trade can take place between the two sides. “We invite economic players from the Indian Ocean littoral states to invest in Chabahar, Iran’s only oceanic port. Construction of railroads, petrochemical units and a gas pipeline network are among our plans to expand the port,” he said. Hamed Ali Mobaraki, CEO of Chabahar Free Trade Zone, who was also present at the event, said the two-day IORA meeting is an opportunity for the member countries to invigorate their economic and commercial ties via their maritime capabilities.