On 10 May 2017, H.E. Virasakdi Futrakul, Deputy Minister of Foreign Affairs of the Kingdom of Thailand, attended the 2nd Indian Ocean Rim Association (IORA) Ministerial Blue Economy Conference in Jakarta, the Republic of Indonesia under the theme “Financing Blue Economy”. The Conference was chaired by the Coordinating Minister for Maritime Affairs of the Republic of Indonesia and presided over by the Vice President of the Republic of Indonesia.

          The Conference focused on cooperation in fisheries and aquaculture, marine tourism, port and customs network, and maritime plastic debris through supporting financial mechanisms for Blue Economy projects, research and development, technology transfers, exchange of experience and expertise, capacity building, local and national policy harmonization, and supporting public and private partnership.

          On this occasion, Thailand stressed the importance of (1) The development of infrastructure and maritime connectivity in the Indian Ocean, and the necessity to weave IORA connectivity projects together to support the economic growth in the Indo-Pacific, (2) Financing the Blue Economy by suggesting that the proposed Working Group on Blue Economy develop a Master Plan on Blue Economy to prioritize Blue Economy projects in the region in order to seek funding from financial institutions, (3) Supporting MSMEs’ investment and development of the Blue Economy in important areas, and (4) Sharing Thailand's experience on Sufficiency Economy Philosophy for sustainable growth and responsible to the environment of coastal communities. 

          The Conference adopted the Jakarta Declaration on the Blue Economy to stress IORA members’ commitment in strengthening the sustainable and inclusive development of the Blue Economy in the Indian Ocean region by developing IORA Blue Economy priority areas and establishing the Working Group on Blue Economy, as well as Thailand’s suggestion to consider the drafting of a Master Plan on Blue Economy to prioritize concrete projects to drive IORA's sustainable economic and social development.

          IORA is a cooperation framework of 21 member states. The IORA region is an important market and resources for Thailand, as well as an important maritime route. Thailand can seek cooperation with IORA member states in terms of coastal shipping, marine tourism, and exchanges of experiences, especially in combating IUU fishing and supporting coastal communities and small-scale fisheries and aquaculture.