Security of IOR crucial for world political economy: Muniruzzaman

The Indian Ocean is a vital maritime trade route that connects Africa, the Middle East, South Asia, and Southeast Asia. The region has played a crucial role in shaping the history and economy of the world. Due to its location and abundant natural resources, the Indian Ocean has been the focus of international attention. It has become a major geopolitical and economic hotspot.

With a view to exploring the significance of the Indian Ocean in more detail, Bangladesh Institute of Peace and Security Studies (BIPSS) took an initiative to hold track-2 dialogues with two other littoral states of the Indian Ocean, Maldives and Sri Lanka, on maritime cooperation in the Indian Ocean, says a press release.

The first round of dialogue was held on Sunday in Sri Lanka’s Colombo. BIPSS is conducting the tri-lateral dialogue with the Sri Lankan think-tank ‘Factum’ and ‘Baani Centre,’ a Maldives-based think tank. It will be a standing tri-lateral forum on maritime issues.

The panel on maritime cooperation was chaired by Pamela Jayasekera Deen, director general, of Bandaranaike International Diplomatic Training Institute.

Major general (retd) ANM Muniruzzaman, president of BIPSS; rear admiral (retd) YN Jayarathna (retd), and Thoriq Hamid, chairperson of the Baani Centre were the panelists of the dialogue.

Major general Muniruzzaman focused on the strategic importance of the Indian Ocean in his remarks at the panel.

He mentioned that over 80 per cent of the global oil trade passes through the Indian Ocean Region (IOR). Hence, these sea lines’ safety is very crucial for the strength of the world political economy. Forecasts suggest that the Indian Ocean economy will likely account for around a fifth of global GDP by 2025, and its GDP per capita is expected to almost double. The Indian Ocean is rich in natural resources, including oil and gas reserves, minerals, and fish stocks. An estimated 40 per cent of the world's offshore oil production and 25 per cent of global natural gas reserves are in the region.

The Indian Ocean is also of strategic importance for global security. The region has been prone to piracy, terrorism, and other security threats, including the presence of non-state actors and insurgent groups. Many countries in the region have invested heavily in naval capabilities to protect their interests and maintain stability. The Indian Ocean is an important arena for great power competition, with countries such as China, India, the United States, and Japan vying for influence and access to strategic resources.

IOR comprises more than 30 littoral nations, such as India, Australia, Bangladesh, Sri Lanka and Indonesia and three major strategic choke points. While all discourses around the Indian Ocean are headed toward the presence of China in the region and the Maritime Silk Route, the littoral nations of IOR need to address the implicit and dormant Non-Traditional (NT) security threats. The rise in sea levels, associated with climate change, is a major environmental concern for the planet and the most alarming non-traditional maritime security concern for the littorals in the IOR.

The panelists concluded that maritime cooperation in the Indian Ocean has become increasingly important in the current geopolitical landscape. As the world's third-largest ocean and an important trade route, the Indian Ocean is crucial for economic and strategic interests. Cooperation between the countries in the region is crucial to ensure security, stability, and economic prosperity for all.

The remarks from the panellists were followed by an interactive session and a declaration of the outcomes of the dialogue. The dialogue concluded with signing of a Trilateral Memorandum of Understanding (MoU) among the partner think tanks.