Indian Ocean region most important for global commerce
The recently concluded Indian Ocean Dialogue (IOD) talks said that the Indian Ocean Region (IOR) is of paramount importance for global commerce and geopolitical stability.
Hosting the 8th edition of the Indian Ocean Dialogue (IOD), India has underscored the importance of the region and the need to keep it safe and secure.
Significance of the Indian Ocean Region (IOR)
- Half of the world’s container ships and two-thirds of the world’s oil shipments pass through the sea routes of this ocean.
- Some of the most important choke points in the world are the Straits of Hormuz, Malacca and the Bab el Mandeb. These choke points are strategically important for global trade and energy flows.
- It comprises about 1/3 of the global population, 25% of the global landmass and about 40% of the global oil and gas reserves.
India’s Initiatives towards the Indian Ocean Region (IOR)
- Primary security provider for most of its smaller neighbors like Maldives, Mauritius, Sri Lanka etc.
- Vision “SAGAR” (Security and Growth for All in the Region): It aims to advance and promote India’s geopolitical, strategic and economic interests.
- Indo-Pacific Ocean Initiative (IPOI) to focus on maritime security, marine ecology, disaster risk reduction etc.
Other initiatives: Indian Ocean Naval Symposium (Enhancing Maritime Cooperation), Asia Africa Growth Corridor etc.
Source – The Hindu