Explanation:

Both statements are correct.

• The Colombo Process is a Regional Consultative Process comprising 12 Member States from Asia, which primarily serve as countries of origin for migrant workers.

• The forum facilitates the exchange of best practices on managing overseas employment. Last month, India assumed the chair of the Colombo Process for the first time since its inception.

• The Secretariat of the Colombo Process is hosted by International Organisation for Migration (IOM) with its headquarters in Geneva. 

Hence option 3rd is correct.