IORA Business Conclave spurs trade and strategic MoUs

B2B meetings in progress

The Indian Ocean Rim Association (IORA) Business Conclave 2024, held from May 28 to 29, facilitated trade and investment across the Indian Ocean Rim region by yielding strategic memoranda of understanding (MOUs) and promoting international industry engagement. 

Organised by the Ceylon Chamber of Commerce in collaboration with the Foreign Affairs Ministry Sri Lanka, the conclave brought together key stakeholders to foster economic collaboration under the theme ‘Sustaining Growth – Bridging Horizons’.

Attended by Foreign Affairs Minister Ali Sabry as the chief guest and Global Alliance for a Sustainable Planet Secretary General Satya Tripathi as the keynote speaker, the conclave resulted in several significant outcomes, including the signing of multiple MOUs aimed at enhancing bilateral trade and business. These MoUs focus on disseminating relevant information, promoting joint ventures, partnerships and business linkages, providing technical expertise, organising business delegations and knowledge transfer events. 

Inauguration

The Ceylon Chamber signed MoUs with the Australian Chamber of Commerce and Industry, Sri Lanka-Australia Chamber of Commerce Sydney and Indo-Sri Lanka Chamber of Commerce and Industry in India. 
Facilitated by the conclave, the Chamber of Marine Industry Sri Lanka signed an MoU with the Indo-Sri Lanka Chamber of Commerce and Industry, focusing on joint efforts to establish marinas, promote yacht ownership, support the local boat industry and promote yacht visits and orders and investments. 

Featuring three plenary sessions and four panel discussions with 16 panellists across 12 countries, the conclave hosted the highest-ever representation from IORA Member States and Dialogue Partners. Attracting over 70 foreign delegates from 18 countries: Australia, Bangladesh, China, France, Germany, India, Italy, Japan, Kenya, Madagascar, Malaysia, the Maldives, Mauritius, the Seychelles, Singapore, Tanzania, Turkey and the United States, the participants were able to engage in over 245 B2B meetings with foreign representatives of industry, with the most significant amount of interest demonstrated in sectors including agriculture, logistics, renewable energy and tourism. The high level of engagement was facilitated with the support of Sri Lankan missions overseas and the chamber’s MoU partners. 

Satya Tripathy

Ali Sabry

Ceylon Chamber of Commerce Chairman Duminda Hulangamuwa emphasised Sri Lanka’s progress from the financial crisis faced two and a half years ago, adding that Sri Lanka aims to enter into more free trade agreements and eventually join the RCEP and ASEAN bloc. 

“These agreements are expected to pave the way for increased investment and trade, contributing to the country’s development.”
He expressed hope that the participation in the conclave would benefit all involved, enhancing trade, investment, the movement of people and tourism in the region.

Ceylon Chamber Secretary-General and CEO Buwanekabahu Perera was appointed as the Chair of the IORA Business Forum for a period of two years. Perera encouraged all participants and the IORA countries to continue to leverage the momentum created by the conclave, by maintaining connections and continuing to explore opportunities in trade and investment following the conclave’s conclusion. 

The Indian Ocean Rim Association (IORA) is an inter-governmental organisation aimed at strengthening regional cooperation and sustainable development within the Indian Ocean region. IORA comprises 23 Member States and 12 Dialogue Partners, offering a platform for promoting trade, investment and economic collaboration.