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Ministers set up special fund for development

31st August 2004

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About 18 foreign affairs ministers from the Indian Ocean Rim Association for Regional Co-operation have agreed to establish a special fund to finance multifaceted economic projects.

The projects are aimed at boosting tourism growth and investment in their countries.

Closing the fifth meeting in Colombo, Sri Lanka, at the weekend, the ministers including South Africa's deputy foreign affairs minister Sue van der Merwe also adopted a cluster-based approach.

This to enable a minimum of five-member states to formulate and implement projects with a view to fast track and ensure a result-orientated approach to its work.

The two-day meeting was attended by foreign ministers from Australia, Bangladesh, India, Indonesia, Iran, Kenya, Madagascar, Malaysia, Mauritius, Mozambique, Oman, Seychelles, Singapore, Sri Lanka, Tanzania, Thailand, the United Arab Emirates and Yemen.

The ministers also agreed to push ahead with talks among themselves on preferential trade agreements in the region.

The meeting supported South Africa's proposal to have a brainstorming session at the opening of the next meeting of the IOR-ARC, to be held in Tehran, Iran, next year.

"This would give strategic guidance to the deliberations of the meeting," affirmed ministers. – BuaNews.

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