Why is it in the News?

During the inauguration of the Indian Ocean Conference in Perth, Sri Lankan President Ranil Wickremesinghe highlighted the escalating concerns of smaller countries in the region regarding the militarization of the Indian Ocean and the increasing "great power rivalry."

What is the Indian Ocean Conference (IOC)?

• The Indian Ocean Conference (IOC) is an annual international event that centres on the geopolitical, economic, and strategic significance of the Indian Ocean region.
• It serves as a platform for policymakers, scholars, business leaders, and civil society representatives to discuss security, trade, and cooperation within the Indian Ocean area.
• Established in 2016, the conference's first edition took place in Singapore.
• Notably, the 6th IOC convened in Dhaka, Bangladesh, in 2023.
• Organized by the India Foundation in collaboration with various regional organizations, the IOC facilitates dialogue and collaboration on key issues impacting the Indian Ocean region.

Key Points from EAM Jaishankar’s Speech:

• Addressing Challenges in the Indian Ocean: Jaishankar highlighted the spectrum of challenges in the Indian Ocean, ranging from threats to maritime traffic like piracy and terrorism to concerns about international law, freedom of navigation, and sovereignty.
  • He emphasized the interconnected nature of transnational and non-traditional threats, including those arising from illegal activities.
• Concerns about Grey Areas: Expressing concern about grey areas, Jaishankar noted that some issues, such as those related to climate change and natural disasters, are increasingly visible.
  • He also discussed disruptive events and their impact, along with the consequences of distant crises like fuel and food shortages.
  • Additionally, unsustainable debt, opaque lending practices, and unviable projects are affecting countries in the region.
• Structural Challenges of Globalization: Jaishankar discussed the structural challenges inherent in the current form of globalization, emphasizing over-concentrations in manufacturing and technology.
  • He highlighted the importance of dispersing production across different geographies, especially in light of the COVID-19 pandemic, and emphasized the need for reliable and resilient supply chains.
  • Additionally, he noted the significance of trust and transparency in the digital era and the emergence of artificial intelligence.
• Drivers of the Future: Jaishankar underscored the importance of focusing on drivers of the future, such as digital technology, electric mobility, green hydrogen, and sustainable shipping, for a sustainable future.

About the Indian Ocean Region (IOR):

• The Indian Ocean Region (IOR) comprises the Indian Ocean and its adjacent territories, including coastal states and islands.
• Extending from the African coast in the west to the Australian coast in the east, and from the Arabian Peninsula and the Persian Gulf in the north to the southern coast of Sri Lanka and Australia in the south, the IOR covers approximately 70.6 million square kilometres, making it the world's third-largest ocean.

Significance of the Indian Ocean Region (IOR):

• Geopolitical Importance: Positioned as a major transit route for global trade, the IOR facilitates the transportation of vital commodities, including oil and gas.
  • It hosts critical chokepoints like the Strait of Malacca and the Bab-el-Mandeb Strait, connecting Asia, Europe, and Africa.
• Economic Importance: Boasting several rapidly developing economies like India, China, and various Southeast Asian nations, the IOR is rich in natural resources, attracting substantial foreign investment.
  • With 64% of the global population and 60% of the global GDP, the region plays a significant role in the global economy.
• Security Importance: The IOR is a region of paramount security significance, confronting challenges such as terrorism, piracy, and maritime security threats.
  • It has witnessed heightened military activity from major powers like the US, India, and China in recent times.
• Environmental Importance: Home to diverse marine ecosystems like coral reefs and mangrove forests, the IOR supports biodiversity and sustains local communities.
  • However, it faces environmental risks due to climate change, including rising sea levels and more frequent extreme weather events.