P: ISSN No. 0976-8602 RNI No.UPENG/2012/426228 VOL.-III, ISSUE-IV, October-2014 Asian Resonance 143 E: ISSN No. 2349 - 9443 Indian Ocean Rim: A Region of Opportunity Shyam S. Khinchi Assistant Professor, Deptt.of Geography, Govt. P. G. College, Sri Ganganagar, Rajasthan Monika Kannan Sophia Girls‟ College, Ajmer Sunita Pachouri Govt. College, Ajmer Keywords: Privatization, Rim, Liberalization, Ior, Decolonization Introduction Map 1 : Map of Indian Ocean The members (Map2) are Australia, Bangladesh, India, Indonesia, Iran, Kenya, Madagascar, Malaysia, Mauritius, Mozambique, Oman, Singapore, South Africa, Sri Lanka, Tanzania, Thailand, the United Arab Emirates, and Yemen. The Seychelles announced its withdrawal from the Association in July 2003.China, Egypt, France, Japan, and the United Kingdom are dialogue partners of the Ior-Arc. Member countries Map 2 : The Indian ocean rim countries ██ Ior-Arc member states ██ Ior-Arc dialogue partners Founding member states March, 1995 Abstract The Indian Ocean region defines a distinctive area in international politics consisting of coastal states bordering the Indian Ocean as shown in Map1. It is a region of much diversity, in culture, race, religion, economic development, and strategic interests. The countries around it vary in the size of their populations, economies, trade, and technological development and in the composition of their Gdp. A number of sub-regions are evident, for example Southern and Eastern Africa, the Horn of Africa and the Red Sea, South Asia, Southeast Asia, and Australasia. It also includes a number of regional organisations, such as Asean, Gcc, Saarc, and Sadec. My study states that the Ior countries have moved significantly recently towards the adoption of open, outward-looking economic policies, though they differ widely in the extent, pace and in the policy instruments. These include ensuring macroeconomic stability through fiscal and monetary policies, currency devaluation to ensure realistic exchange rates, investor-friendly policies to attract a flow of capital and new technology, elimination of non-tariff barriers, general reduction in tariff rates and removal of exchange controls to gain an outward orientation, and improving efficiency in resource allocation through privatization, deregulation of prices and marketing of industrial and agricultural products.