2020 INA-LAC Business Forum Generates US$ 71.02 Million Trade Commitments

(Photo: Indonesian Ministry of Foreign Affairs)

Jakarta, MINA – In the midst of the Covid-19 Pandemic, the 2020 Indonesia-Latin America and Caribbean Business Forum (INA-LAC) which was held on 9 – 11 November 2020 resulted in a trade commitment of US$ 71.02 million ( IDR 998.32 billion) and a potential business deal worth US$ 14.36 million (IDR 202.34 billion).

This value has increased more than two times compared to that generated by the 2019 INA-LAC Business Forum.

The Indonesian Minister of Foreign Affairs, Retno Marsudi, said that this activity was part of economic diplomacy to diversify Indonesia’s export market, especially during this pandemic, said the official statement of the Indonesian Ministry of Foreign Affairs as quoted by MINA on Thursday.

“This activity is the result of collaboration with various ministries and institutions in Indonesia, especially the Ministry of Trade, Ministry of Religion, Bank Indonesia and the Ministry of BUMN,” said Foreign Minister Retno.

Meanwhile, at the closing ceremony on Wednesday, the Director General of America and Europe, Ngurah Swajaya, hopes that this cooperation agreement can support the strengthening of economic relations between regions and contribute to the prosperity of the community amid the COVID-19 pandemic situation.

INA-LAC 2020 was held in a hybrid manner and was followed by the launch of the INA-LAC Business Forum Digital Platform as a forum for interaction of entrepreneurs from Indonesia and Latin America and the Caribbean.

The platform, which was officially launched by the Indonesian Foreign Minister, contains information on business and potential export products of Indonesia as well as 108 investment projects in 10 sectors in various provinces in Indonesia.

Through INA-LAC 2020, various cooperation agreements have been agreed, including:

1. Statement of Intent for the Cooperation for the Establishment of Indonesian Stores between GAPMMI and BADAX Commercial (Brazil) as the first Indonesia Trading House in Latin America and the Caribbean.

2. Exclusive Distributive Agreement between Kokola Group and BADAX Commercial (Brazil).

As a follow-up to INA-LAC 2020, Indonesia will continue to explore trade agreement negotiations, both bilaterally with Ecuador, Colombia, Peru and with MERCOSUR and the Pacific Alliance and develop and update digital platforms to facilitate the interaction of Indonesian entrepreneurs with the Latin American and Caribbean regions. (T/RE1)

Mi’raj News Agency (MINA)