Former Australian Prime Minister Scott Morrison yesterday underscored the strategic importance of the Indian Ocean and Australia’s role in supporting smaller and developing countries in navigating geopolitical pressures, the President’s Media Division said.

Addressing the Indian Ocean Sovereignty and Cooperation at the Colombo Summit, Morrison emphasized the need for nations to resist coercion and maintain sovereignty, especially in the face of increasing influence from major powers. Morrison highlighted that the current global political landscape is influenced more by economic conditions rather than shifts in ideology. Reflecting on the aftermath of the COVID-19 pandemic, Morrison noted its significant economic disruption and the resultant inflation due to necessary fiscal measures taken during the crisis.

He pointed out that these measures, while essential, have led to increased interest rates and exacerbated cost-of-living issues globally, the PMD said.

He also discussed the increasing defence budgets worldwide, driven by the need for heightened global security, which also contributes to inflation. This new economic environment, marked by expansionary fiscal policies and higher interest rates, presents challenges that governments must navigate.

Morrison stressed the importance for governments and businesses to understand and factor in geopolitical risks when making economic decisions.

The event, followed by a discussion and moderated question-and-answer session led by Geopolitical Cartographer Co-Patron Mohamed Nasheed, former President of the Maldives, drew a distinguished audience.

Executive Director of the Geopolitical Cartographer, Rishan de Silva, opened the event by highlighting the historical significance of the Crystal Building, once the grandstand for the Race Course after 1821 and later the clubhouse of the Colombo Club, noting its transformation into one of the finest ballrooms in the country.

During the discussion moderated by Mohamed Nasheed, Morrison addressed various geopolitical issues. He acknowledged the challenges faced by smaller nations and highlighted Australia’s commitment to supporting these nations in maintaining their sovereignty and resisting external pressures. Morrison discussed the importance of regional cooperation, particularly within the framework of the Quad, and the need for greater humanitarian, economic, and strategic collaboration in the Indian Ocean.

Among the attendees were former Speaker Karu Jayasuriya, Foreign Secretary, Aruni Wijewardane, Australia’s High Commission Chargé d’Affaires, Lalita Kapur, Semih Lütfü Turgut from Turkey, Miyon Lee from South Korea, Katsuki Kotaro from Japan, Douglas Sonnek from the United States, Lars Bredal from the European Union, and René Everson-Varney from South Africa. Deputies from New Zealand and Italy, alongside representatives from India, Canada, China, and senior government officials including the Chief of Defence Staff, General Shavendra Silva. Civil society members, think tanks, and business leaders, including those from the Sri Lanka-Australia Business Council, also attended, the PMD said.