The Ministry of Foreign Affairs (MOFA) held a virtual signing ceremony on Thursday, December 18, for a Memorandum of Understanding (MOU) on the “ROK–Indian Ocean Rim Association (IORA) Cooperation Fund (KICF).” Ambassador Park Ji-hyun of the Republic of Korea to Madagascar and Mr. Sanjiv Ranjan, Secretary-General of IORA, signed the MOU. On the same occasion, the two sides also agreed on a Framework of Cooperation document stipulating the details of specific cooperation projects.

At the 24th meeting of the Council of Ministers (COM) of IORA held in May this year, the government of the Republic of Korea announced plans to establish the KICF, amounting to approximately USD 400,000, as part of efforts to expand its contributions as an IORA Dialogue Partner. Since then, in consultation with the IORA Secretariat and relevant domestic institutions, the government has identified cooperation projects that would provide tangible benefits to IORA member states, including projects related to sustainable port development and marine resources utilization. Accordingly, the two sides agreed to implement two cooperation projects in the “Blue Economy” sector, one of IORA’s priority areas, over the next three years.

The establishment of the KICF is in line with National Policy Task No. 120, “Emerging as a G7+ Diplomatic Power through Contributions and Active Engagement in the International Community.” It reflects the government’s efforts to diversify its diplomacy and to play an active role as a responsible member of the international community in addressing global challenges. Through the effective implementation of development cooperation projects that reflect the actual needs of IORA member states, the KICF is expected to contribute to peace, prosperity, and sustainable development in the Indian Ocean region.

MOFA will actively manage and enhance the efficiency of the KICF by reviewing the progress and outcomes of the projects and by improving systems for fund management and the identification of new projects in the future.