Indonesia Strengthens Business Relations with Latin America and The Caribbean at the 5th INA-LAC Business Forum
Jakarta, Indonesia – Indonesia continues to expand its business reach to the rapidly-growing Latin American market. The Indonesian Ministry of Foreign Affairs will again hold the Indonesia-Latin America and the Caribbean (INA-LAC) Business Forum on 16-17 October 2023 at the Ritz Carlton Hotel Mega Kuningan, Jakarta. This activity is expected to open wider doors for businesses in the country to explore business opportunities in Latin America and the Caribbean region.
In its pursuit to deepen business ties with Latin American and Caribbean countries, the Indonesian Ministry of Foreign Affairs has adopted the theme “Forging an Effective Partnership” for the INA-LAC Business Forum 2023. This theme reflects Indonesia’s determination to foster strong and effective partnerships with these countries.
“The INA-LAC Business Forum is a response to President Jokowi’s order that we continue to make new breakthroughs in expanding market access abroad, in order to boost exports of Indonesia’s flagship products,” said Director General of America and Europe, Ministry of Foreign Affairs, Umar Hadi.
In this forum, Indonesia will focus on the pharmaceutical and medical device sectors, motor vehicle parts, and furniture. These three sectors have a very large market share in Latin America and the Caribbean. The government considers that by sharpening the focus on these sectors, Indonesia’s business opportunities in the region will be more widely open.
According to Umar Hadi, the INA-LAC Business Forum is a response to connectivity issues amidst the challenges of long distances between Indonesia and Latin America and the Caribbean. Latin America presents a great opportunity that Indonesian exporters should capitalise on.
Last year, the INA-LAC Business Forum successfully facilitated more than 100 business meetings with a contract value of USD 179 million in various sectors, ranging from manufacturing, mining, to property. Indonesia’s export surge to the Latin American and Caribbean market increased by 16.5% last year.
In the last 5 years, total trade between Indonesia and Latin America and the Caribbean increased by 8.9%. By 2022, the trade value will reach USD 11.16 billion. In particular, Indonesia’s exports to the Latin American and Caribbean market increased by 16.5% last year. With the INA-LAC Business Forum 2023, it is expected that cooperation between the two regions will further increase, bringing greater economic benefits to Indonesia and partner countries in Latin America and the Caribbean.
Source: Ministry of Foreign Affairs