Largest ASEAN-Latin trade forum kicks off

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Bilateral trade between ASEAN and Latin America and the Caribbean stood at $48.5 billion in 2010

Indonesia will host the largest ever business forum between ASEAN and Latin American countries on July 9 and 10 in Jakarta, Trade Minister Gita Wirjawan said on Thursday, July 5.

The ASEAN-Latin America Business Forum (ALBF) will be held in the capital’s Shangri-La hotel, opened by Indonesian President Susilo Bambang Yudhoyono and be attended by a number of prominent personalities including International Monetary Fund director Christine Lagarde, business leaders of major companies, trade representatives and decision makers from Singapore, Malaysia, Thailand, Vietnam and the Philippines as well as a number of Latin American countries and the Caribbean.

Among the delegates are Brazilian Trade Minister Fernando Pimentel, Mexican Economy Minister Bruno Ferrari, Malaysian Minister of International Trade and Industry Sri Mustapa Mohamed and Singaporean Trade and Industry Minister Lim Hng Kiang.

Business leaders from South American attending the forum include Carlos Slim Domit, the son of Mexican mobile phone tycoon Carlos Slim Helu, and Francisco Sergio Turra, the CEO of Brazilian ore mining corporation Vale.

The delegates will discuss trade and investment business opportunities in the Asean and Latin American regions, which both have a population of around 580 million, a combined gross domestic product of  $5 trillion and bilateral trade totaling $48.5 billion in 2010, according to ASEAN data. Currently, GDP growth of both regions is projected at around four to five per cent per year.

With declining exports to Europe and the US, a number of Latin American countries are looking for newer markets in the Southeast Asian region to make investments and establish trade relations, and vice versa.

The two regions also aim to increase sharing of knowledge and best practices in the development of intraregional trade, greater manufacturing intensity and a greater presence of SMEs. The event is expected to give a major boost to both regions at a time when they are eyeing opportunities in new markets and alternative economic partnerships.

 

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Reading Time: 2 minutes

Bilateral trade between ASEAN and Latin America and the Caribbean stood at $48.5 billion in 2010

Indonesia will host the largest ever business forum between ASEAN and Latin American countries on July 9 and 10 in Jakarta, Trade Minister Gita Wirjawan said on Thursday, July 5.

Reading Time: 2 minutes

Bilateral trade between ASEAN and Latin America and the Caribbean stood at $48.5 billion in 2010

Indonesia will host the largest ever business forum between ASEAN and Latin American countries on July 9 and 10 in Jakarta, Trade Minister Gita Wirjawan said on Thursday, July 5.

The ASEAN-Latin America Business Forum (ALBF) will be held in the capital’s Shangri-La hotel, opened by Indonesian President Susilo Bambang Yudhoyono and be attended by a number of prominent personalities including International Monetary Fund director Christine Lagarde, business leaders of major companies, trade representatives and decision makers from Singapore, Malaysia, Thailand, Vietnam and the Philippines as well as a number of Latin American countries and the Caribbean.

Among the delegates are Brazilian Trade Minister Fernando Pimentel, Mexican Economy Minister Bruno Ferrari, Malaysian Minister of International Trade and Industry Sri Mustapa Mohamed and Singaporean Trade and Industry Minister Lim Hng Kiang.

Business leaders from South American attending the forum include Carlos Slim Domit, the son of Mexican mobile phone tycoon Carlos Slim Helu, and Francisco Sergio Turra, the CEO of Brazilian ore mining corporation Vale.

The delegates will discuss trade and investment business opportunities in the Asean and Latin American regions, which both have a population of around 580 million, a combined gross domestic product of  $5 trillion and bilateral trade totaling $48.5 billion in 2010, according to ASEAN data. Currently, GDP growth of both regions is projected at around four to five per cent per year.

With declining exports to Europe and the US, a number of Latin American countries are looking for newer markets in the Southeast Asian region to make investments and establish trade relations, and vice versa.

The two regions also aim to increase sharing of knowledge and best practices in the development of intraregional trade, greater manufacturing intensity and a greater presence of SMEs. The event is expected to give a major boost to both regions at a time when they are eyeing opportunities in new markets and alternative economic partnerships.

 

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