Jakarta (VNA) – 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.

“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 the Ministry of Foreign Affairs, I Gede Ngurah Swajaya, said at a virtual press conference on September 20.

He said the potential of the Latin America region, whose gross domestic product (GDP) has reached 4.8 trillion USD, and Indonesia, whose GDP has been recorded at more than 1 trillion USD, should be optimised through economic 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 Caribbean region increased to 8.25 billion USD from 7.75 billion USD in 2019, Swajaya informed. In the first half of 2021, the total trade between Indonesia and the region reached 4.91 billion USD, an increase of 13.83 percent from the same period the previous year.

Indonesia’s main exports to Latin America and the Caribbean are vegetable oils, vehicles, electronics, rubber, and footwear. Meanwhile, its main imports are animal feed, cereals, sugar, cotton, and chocolate.

As the pandemic is still limiting movement across countries, the INA-LAC 2021 will be held jointly through face-to-face and virtual meetings, Swajaya said./.