The Committee of Senior Officials Conference of the IORA will take place in Bali, Indonesia. (Source: bdnews24.com)

Hanoi (VNA) – Yugi Prayanto, Chairman of the Indian Ocean Rim Business Forum (IORBF), suggested the issuance of the Indian Ocean Rim Association (IORA) Business Card for all member countries of the association.

The initiative was put forward at an IORABF meeting co-chaired by Indonesia and South Africa, ahead of the Committee of Senior Officials Conference of the IORA scheduled for from October 25-26 and the IORA Foreign Ministers Meeting on October 27 in Bali, Indonesia. It is one of the initiatives to enhance economic and trade collaboration in the Indian Ocean region.

Yugi said the IORABF agreed to tap more business cooperation opportunities, including the IORA Comprehensive Economic Partnership Agreement (IORA-CEPA) and the IORA Business Travel Card (IBTC).

The IORA-CEPA is expected to protect IORA economic cooperation, boost trade and investment, develop industries and strengthen regional value chains and structural reform.

The IBTC will create conditions for enterprises of IORA member countries to boost interactions and improve travel of businesspeople.

The IORA, formerly known as the Indian Ocean Rim Initiative and Indian Ocean Rim Association for Regional Cooperation (IOR-ARC), has 21 members including South Africa, Australia, India, Indonesia, Malaysia, Thailand and Singapore, among others.-VNA