INDIAN OCEAN CONFERENCE

• The 8th Indian Ocean Conference is being organised by India Foundation in association with the Ministry of Foreign Affairs of Oman on February 16-17, 2025 in Muscat, Oman.
• The theme for this year’s Conference is “Voyages to New Horizons of Maritime Partnership”.
• India, in partnership with Singapore and Oman, is hosting the Eighth Indian Ocean Conference
• The Indian Ocean Conference was started by India Foundation in 2016 at Singapore, with participation from 30 countries.
• The Indian Ocean, the third-largest ocean in the world, spans 70.56 million square kilometers and connects Asia, Africa, and Australia.
• It has historically served as a natural trade corridor influenced by Indian civilization and maritime networks.
• Surrounding the Indian Ocean are 26 coastal nations, including India, Sri Lanka, the Maldives, Oman, Indonesia, Australia, South Africa, and Somalia.
• The Indian Ocean is a global trade hub, facilitating 70% of global container traffic and 90% of India’s energy imports, making it a crucial economic corridor.

 TRUST INITIATIVE

• India and the United States have launched the TRUST Initiative to enhance supply chains for critical minerals, pharmaceuticals, and advanced materials.

• The Transforming Relationship Utilizing Strategic Technology (TRUST) is a bilateral agreement between India and the United States to boost cooperation in critical minerals, pharmaceuticals, and advanced materials.
• It builds on India’s involvement in the Minerals Security Partnership (MSP) and the Minerals Security Finance Network (MSFN), with the goal of diversifying supply chains, reducing dependence on China, and promoting technology transfer
• The initiative focuses on building strong supply chains for essential materials like lithium and rare earth elements (REEs).
• The TRUST initiative aims to foster innovation in defense, AI, semiconductors, quantum computing, biotechnology, energy, and space.
• It seeks collaboration among governments, academia, and the private sector to drive advancements in these sectors.
• The TRUST initiative focuses on strengthening pharmaceutical supply chains, especially for active pharmaceutical ingredients (APIs), which rely on minerals like lithium and magnesium.
• As the second-largest API manufacturer, India’s focus is key to supporting its pharmaceutical industry.