Jakarta (ANTARA) - Indonesia and Chile launched negotiations within the framework of the Indonesia-Chile Comprehensive Economic Partnership Agreement (IC-CEPA) to expand investment potential and opportunities in non-traditional markets, especially Latin America.

Indonesian Deputy Trade Minister Jerry Sambuaga stated that the investment agreement was considered a lucrative opportunity for Indonesia, especially since Chile was the first Latin American country to establish a partnership agreement with Indonesia.

"This is very beneficial for us both," he remarked after signing the investment negotiation at the Trade Ministry office in Jakarta on Thursday.

Sambuaga affirmed that investment between both nations rose from 160.7 percent to 280 percent, with several large investments having taken place, including in the service, tourism, hotel, and housing sectors.

Based on the trade ministry's data, Indonesia's trade balance with Chile clocked a surplus of US$139.2 million in 2023.

Indonesia's exports to Chile in 2023 totaled US$312.6 million, while its imports from Chile reached US$173.4 million in 2023.

Indonesia exported minerals, copper, chemical products, automotive parts, electronic parts, food, and palm oil, among others, to Chile.

"We hope for an expansion through the implementation of IC-CEPA and the expansion of CEPA for trade and services investments, especially those based on trade and digitalization," Sambuaga stated.

Meanwhile, Chile's Deputy Minister of International Economic Relations, Claudia Sanhueza, affirmed that Indonesia and Chile are strong partners.

Despite both nations having earlier signed a trade agreement, the investment negotiations are expected to intensify the relations to realize a more advanced and stronger economy, she remarked.

"We have signed trade agreements and are working together on deepening these economic ties in interests as relevant as services and investment. Today, we signed an agreement to start negotiations for the investment chapter," Sanhueza stated.

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Translator: Maria Cicilia G P, Resinta Sulistiyandari
Editor: Azis Kurmala
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