Jakarta (Indonesia Window) – The 2020 Indonesia, Latin America and Caribbean Business Forum (INA-LAC) which was held on 9-11 November resulted in trade commitments worth 71.02 million U.S. dollars and potential business deals amounting to 14.36 million U.S. dollars.

Those figures are more than doubled compared to the 2019 INA-LAC, according to a statement from the Indonesian Ministry of Foreign Affairs received by Indonesia Window here on Wednesday.

Indonesian Foreign Minister Retno Marsudi remarked that the forum was part of economic diplomacy to diversify the country’s export market, especially during the pandemic.

"The event is a collaboration with various Indonesian ministries and institutions, particularly the Ministry of Trade, Ministry of Religious Affairs, central bank of Bank Indonesia and the Ministry of State-owned Enterprises," she said.

Meanwhile, the Ministry’s Director General for America and Europe, Ngurah Swajaya, hoped that the trade agreement would support the strengthening of economic relations among regions and contribute to people amid the COVID-19 pandemic.

The INA-LAC 2020 was held in a hybrid manner along with the launch of the INA-LAC digital business platform on Monday (Nov 9). It is as a forum for business players from Indonesia, Latin America and the Caribbean to communicate.

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

Through the INA-LAC 2020, Indonesia, Latin American and Caribbean countries have agreed on various collaborations, including the signing of a memorandum of understanding between the Indonesian Hotel and Restaurant Association (PHRI) and AHORA (Peru); Indonesia’s Sarinah company, Dufry International AG, and Grupo Industrial Omega SA de CV (Mexico); and statement of intent for the cooperation for the establishment of Indonesian stores (called Gerai Indonesia) between the Indonesian Food and Beverage Entrepreneurs Association (GAPMMI) and BADAX Commercial (Brazil).

Gera Indonesia is the first Indonesian Trading House in Latin America and the Caribbean regions.

As a follow-up to INA-LAC 2020, Indonesia will continue to explore trade agreements, including with Ecuador, Colombia, Peru bilaterally, and with MERCOSUR (South American General Market) and the Pacific Alliance.

Indonesia will also develop and update its digital business platform to facilitate interaction between Indonesian entrepreneurs and their partners from Latin America and the Caribbean regions.

Reporting by Indonesia Window