BANGALORE: The 18th nation Indian Ocean Rim Association for Regional Cooperation (IOC-ARC) meeting was held in the city on Wednesday and India formally took over as the chair of the forum for a period of two years. The forum witnessed the proposal to explore business opportunities within Indian Ocean Rim Association for Regional Cooperation.Expressing its willingness to host Small and Medium Enterprises event in 2013, Manju Kalra Prakash, Assistant Secretary General of the Federation of Indian Chambers of Commerce and Industry (FICCI) said that this event would facilitate capacity building, transfer of technology and all other possibilities for better business opportunities. Prakash added that the member countries of the forum pressed for sector specific focus for enhanced cooperation as well. The idea which was proposed by India is said to be accepted by 12 countries.Adding to this, Ravi Bangar, Joint Secretary, Multilateral Economic Relations of the Ministry of External Affairs informed the gatherin that the trade activities among the member countries the forum (IOC-ARC) had imports to the tune of $160 billion and exports of $120 billion, taking the total trade in excess of $280 billion annually.
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