Govt pitches to develop Indian Ocean economies
THESE PACTS WILL COVER A HOST OF AREAS SUCH AS DEVELOPMENT OF MARINE RESOURCES, R&D COOPERATION
AND GREEN TOURISM
NEW DELHI: In a move to counter the growing influence of China in the Indian Ocean region, India is offering an over-arching pact to develop the economies of Sri Lanka, Maldives, Mauritius and Seychelles.
The Indian Ocean — which bears two-thirds of the world’s oil shipments, one-third of its bulk cargo and half of its container traffic — has remained a focus area of the Narendra Modi government with Beijing making rapid strides in the waters through which 97% of India’s international trade by volume and 75% by value passes through.
Through a string of cooperation pacts that have strategic underpinnings, India will be offering assistance to develop these ocean economies.
These pacts will cover a host of areas including the development of fisheries, marine resources, offshore explorations, research and development cooperation, fisheries, green tourism and exchange of ocean experts.
New Delhi thinks these framework pacts, economic in tone, will bring in strategic dividends for India in the Indian Ocean region. India believes its technical and financial assistance, along with the cultural bonding, would help these countries advance their economies and mitigate the influence of China in the region.
China, with an aggressive Indian Ocean strategy, has made considerable investment in the Indian Ocean countries.
“Today, the world speaks of a 21st century driven by the dynamism and the energy of Asia and the Pacific. But, its course will be determined by the tides of the Indian Ocean. This is why the Indian Ocean is at the centre of global attention more than ever,” Modi had said during his recent visit to Mauritius.
On the domestic and international front, China has long followed a detailed blueprint on developing a blue economy. According to a Chinese white paper, the maritime economy of China grew at 20% in the 1990s. At present, it is growing at 8%.