INA-LAC business forum posts agreements worth US$71.02 mln

INA-LAC business forum posts agreements worth US$71.02 mln

Foreign Affairs Minister Retno Marsudi.

Jakarta (ANTARA) - The 2nd Indonesia-Latin America and Caribbean (INA-LAC) business forum, which was held from November 9 to 11 this year, resulted in business deals worth US$71.02 million (around Rp1 trillion).

"The value of this transaction is double compared to the achievements of the 2019 INA-LAC," Foreign Minister Retno Marsudi said during a media briefing, here on Tuesday.

A number of products were covered in the business transactions, including furniture, handicrafts, souvenirs, tires, food and beverages, coconut charcoal, and products made by Indonesian MSMEs.

The Ministry of Foreign Affairs, in collaboration with several other ministries and agencies, organized the INA-LAC forum to facilitate interaction between Indonesian businessmen and their counterparts in the Latin American and Caribbean regions, which have so far been considered remote due to their geographical distance.

"This activity is part of economic diplomacy to diversify Indonesia's export markets, especially during the pandemic," Marsudi remarked.

Several cooperation agreements were inked during the series of INA-LAC meetings, including an MoU on Halal Product Guarantee between Indonesia and Chile, an MoU on cooperation between PT Sarinah (Persero) and Dufry International AG and Grupo Industrial Omega SA de CV, an MoU on cooperation between Naza Art Furniture and CAMCO Rattan Muebles, an MoU on cooperation between PT INUKI (Persero) and ININ Mexico, and an MoU on cooperation between the Indonesian Hotels and Restaurants Association (PHRI) with AHORA of Peru.

The virtual event also facilitated 31 business meetings between company representatives, the signing of a cooperation agreement between Brazil's BADAX and the Indonesian Food and Beverage Association (GAPMMI) for the opening of an Indonesian Outlet (Indonesia Trading House) in Brazil, as well as a business agreement between BADAX and Kokola Group from Indonesia.

At the forum, which was attended by more than 500 Indonesian and Latin American and Caribbean businessmen, the Indonesian Foreign Minister also launched the official website of the INA-LAC Business Forum.

The website provides business information and details of potential export products for Indonesia as well as 108 investment projects in several provinces.

"Through this activity and the launch of a digital platform, interaction between entrepreneurs will continue to be facilitated. Hence, it would increase the value of Indonesia's trade with 33 countries in Latin America and the Caribbean," Marsudi said.  

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