1. On May 21 (KST), Mr. Chung Byung-won, Deputy Minister for Political Affairs at the Ministry of Foreign Affairs of the Republic of Korea (ROK), attended the 24th meeting of the Council of Ministers (COM) of the Indian Ocean Rim Association (IORA) held in a virtual format. He shared the ROK’s vision for sustainable development and inclusive cooperation in the Indian Ocean region and announced the ROK’s plan to contribute to peace and prosperity in the region by establishing the ROK-Indian Ocean Cooperation Fund (KICF).

※ The Indian Ocean Rim Association (IORA) is a regional forum founded in 1997 at the initiative of India and South Africa, to foster economic and social cooperation among Indian Ocean littoral states.

※ Member States (23): India, Sri Lanka, Bangladesh, the Maldives, Thailand, Indonesia, Malaysia, Singapore, Australia, Iran, Yemen, Oman, South Africa, Kenya, Somalia, Madagascar, the UAE, Tanzania, Mozambique, Mauritius, the Seychelles, the Comoros, France

※ Dialogue Partners (12): The ROK, the United States, Japan, China, the United Kingdom, Germany, Egypt, Türkiye, Italy, Russia, Saudi Arabia, the European Union

2. Deputy Minister Chung emphasized that after it joined IORA as a Dialogue Partner in 2018, the ROK has organized the ROK-IORA Partnership Seminar annually since 2020 to promote practical cooperation in IORA’s key priority areas, including the blue economy, disaster risk management, and cultural and tourism exchanges. This year’s seminar will focus on marine spatial planning.

3. To expand its contribution as a Dialogue Partner, the ROK plans to launch the ROK-Indian Ocean Cooperation Fund (KICF) with an initial budget of approximately USD400,000. In close consultation with the IORA Secretariat, the ROK will identify and implement demand-driven cooperation projects in areas such as sustainable port development and marine resource utilization.

4. Representatives of IORA Member States and Dialogue Partners shared views on IORA’s future direction and called for stronger, outcome-oriented partnerships. They also recognized the importance of further strengthening IORA’s role as the only ministerial-level platform of the Indian Ocean region.

5. This year’s COM meeting is seen to have served as a valuable opportunity to strengthen momentum for cooperation amid growing geopolitical uncertainties and the global polycrisis.