Indonesia to promote economic cooperation with Latin America
Indonesia will continue to promote economic cooperation with Latin America and the Caribbean through the Indonesia-Latin America and Caribbean Business Forum (INA-LAC Business Forum) slated for October 14-15, according to an official of the Indonesian Foreign Ministry.
A screenshot of a virtual press conference on the Indonesia-Latin America and Caribbean Business Forum (INA-LAC Business Forum) on September 20, 2021. (Photo: ANTARA)
Jakarta (VNA) - Indonesiawill continue to promote economic cooperation with LatinAmerica and the Caribbean through the Indonesia-Latin America and CaribbeanBusiness Forum (INA-LAC Business Forum) slated for October 14-15, according to an official of the Indonesian Foreign Ministry.
"As a country with the biggest economy in Southeast Asia,Indonesia has the potential to take advantage of the Latin American and Caribbean economies," director general of America and Europe at theMinistry of Foreign Affairs, I Gede Ngurah Swajaya, said at a virtual pressconference on September 20.
He said the potential of the Latin America region, whose gross domesticproduct (GDP) has reached 4.8 trillion USD, and Indonesia, whose GDP has beenrecorded at more than 1 trillion USD, should be optimised througheconomic diplomacy initiatives.
The official noted that while there is a challenge geographically, an increase is seen in Indonesia's exports even in the midst of COVID-19.
In 2020, total trade between Indonesia with Latin America and the Caribbeanregion increased to 8.25 billion USD from 7.75 billion USD in 2019, Swajayainformed. In the first half of 2021, the total trade between Indonesia andthe region reached 4.91 billion USD, an increase of 13.83 percent from thesame period the previous year.
Indonesia's main exports to Latin America and the Caribbean arevegetable oils, vehicles, electronics, rubber, and footwear. Meanwhile, itsmain imports are animal feed, cereals, sugar, cotton, and chocolate.
As the pandemic is still limiting movement across countries, theINA-LAC 2021 will be held jointly through face-to-face and virtual meetings,Swajaya said./.
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A screenshot of a virtual press conference on the Indonesia-Latin America and Caribbean Business Forum (INA-LAC Business Forum) on September 20, 2021. (Photo: ANTARA) 
