VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

The Business Forum of Indonesia - Latin America and Caribbean (INA-LAC) was successfully held on October 14 and 15, 2019 in Tangerang, Banten. The Business Forum produced investment commitments in the mining sector worth 5 billion US$ or equivalent to 70 trillion rupiah for the next 5 years. It was also agreed the trade agreement worth 463.68 billion rupiah or more than 33.12 million US$ in the beauty sector, food and beverage, spare parts, rubber products and furniture.

Acting Director General of American and European Affairs of the Indonesian Ministry of Foreign Affairs, Teuku Faizasyah, Tuesday (Oct15) said, the Indonesia-Latin America and Caribbean Business Forum also produced several agreements, namely export-import facilitation cooperation between the Indonesian Export Financing Institution (LPEI)/Exim Bank Indonesia with the Colombian Bancoldex, commencement of dialogue towards the formation of the Indonesia-MERCOSUR trade agreement, commencement of the Indonesia-Colombia Partial Trade Agreement TOR discussion as well as technical cooperation and capacity building for communities and Micro Small and Medium Enterprises in Belize, Panama and Suriname.

So far it has been noted that Indonesia has only one trade agreement with countries in the region, namely the Indonesia-Chile Comprehensive Economic Partnership Agreement, which was signed in December 2017. In addition, cooperation agreements have been reached between Indonesian Export Financing Institution -LPEI and Bancomext Mexico signed in 2013, and cooperation between the Indonesia-Mexico Chamber of Commerce signed in 2018. Indonesia is currently initiating trade negotiations with Peru, Ecuador, Colombia, Mexico and Panama.

Teuku Faizasyah said, the overall achievements in INA-LAC Business Forum is a manifestation of the commitment to translate good relations between Indonesia, Latin American region and Caribbean Islands, into a concrete and mutual beneficial economic cooperation. Teuku Faizasyah moreover said that the implementation of INA-LAC 2019 is in line with the direction of President Joko Widodo to increase exports with Indonesia's non-traditional market. The results of this Forum will continue to be followed up in 2020 and subsequent years, and will become a permanent program of activities of the Directorate General of America and Europe, the Ministry of Foreign Affairs.