Foreign Minister AK Abdul Momen on Sunday called for developing a cooperative mechanism among the littoral states of the Indian Ocean to promote collaboration for reaping maximum benefits of  the blue economy.

"Bangladesh believes that the regional vision for the blue economy must be supported by a balanced integration of the economic, social and environmental elements of development," he told the IORA (Indian Ocean Rim Association) Business Forum Leadership Summit at a city hotel.

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Momen said optimal use of the marine resources – categorized as blue economy- has been recognized as one of the key components of sustainable development.

Bangladesh, he said, considers blue economy as one of the cornerstones of its economic growth and socio-economic development.

Chairman of the Indian Ocean Rim Business Forum Sheikh Fazle Fahim and Secretary-General IORA Ambassador Salman Al Farisi also spoke.

Bangladesh, as the current chair of IORA, is going to host the 22nd Meeting of the Council of Ministers (COM) under the theme “Harnessing the opportunities of the Indian Ocean sustainably for inclusive development” on November 24.

"I believe the council will definitely take note of the suggestions of this business forum regarding the recovery from the impact of pandemic," Momen said.

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He said there is a need for a sustained dialogue among business leaders, scholars, practitioners and policy makers to identify and deliberate on various economic challenges confronting the region, identify mechanisms to address those and evolve new frameworks for co-operation with the regional countries.

IORA has evolved into an important regional group spanning the Indian Ocean through sustained dialogue and cooperation and now is playing as a key driving force to ensure development, peace and stability in the region, Momen said.