Indonesia to Improve Relations with Latin American and Caribbean Countries

Tangerang: The Deputy Minister of Foreign Affairs of the Republic of Indonesia, Dr. Abdurrachman M. Fachir says that Indonesia is ready to improve economic relations with the Latin American and Caribbean Regions during the opening of the Indonesia-Latin American and Caribbean Business Forum (INA-LAC) 2019 at the JHL Solitaire Hotel, Tangerang, Tuesday, October 15, 2019.
 
"The initiative to hold the INA-LAC forum is to try to mitigate various challenges, such as geographical distance, connectivity, as well as tariff and non-tariff barriers, and to increase public awareness. Only through joint efforts can we create strong economic relations," added Deputy Foreign Minister Fachir, in a written statement from the Indonesian Ministry of Foreign Affairs to the media crew.
 
The Indonesian Ministry of Foreign Affairs held the first Indonesia-Latin America and Caribbean Business Forum on October 14-15 in Tangerang, Banten. This forum aims to encourage increased trade and investment values between Indonesia and Latin American and Caribbean countries (Amlatkar).
 
More than 200 participants from Indonesian and Amlatkar came, As well as several decision-makers from countries in the region attended the INA-LAC 2019 Business Forum. The forum consisted of panel discussions, business matching and field visits to PT. Indah Kiat Pulp and Paper in Tangerang.
 
The Latin American and Caribbean regions have great economic potential with a population of around 630 million people and a total GDP of USD5.78 trillion dollars (equivalent to Rp.71,825 trillion) in 2018.
 
Even though there are various potentials, Indonesia's total trade with the region has only reached USD7.59 billion dollars (almost Rp100 trillion), or 0.35 percent of the total trade of the Latin American and Caribbean regions with the world. Increasing economic relations between Indonesia and the Amlatkar countries is very important to continue to work amid a very dynamic global economic situation.
 
"Thus, the INA-LAC activity is expected to provide a golden opportunity for participants to build concrete economic cooperation and expand business networks through matching business activities," concluded Deputy Foreign Minister Fachir.
 
The business forum is expected to produce trade agreements worth more than USD 20 million (Rp.282 billion) and the investment plans of the Amlatkar company in the mining sector. Also, business forum activities will produce several cooperation agreements that support the development of trade infrastructure in the two regions.
 
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