Indonesia and Brazil signed five cooperation agreements (memoranda of understanding) worth USD 2.65 billion at a business forum held on the sidelines of the G20 Summit in Rio de Janeiro on Sunday (17/11/24,) according to reporting from Antara News.
“I want to emphasize that Indonesia is open for business,” chairperson of the advisory board of the Indonesian Chamber of Commerce and Industry (Kadin), Hashim S. Djojohadikusumo, said at the Indonesia-Brazil Business Forum.
He said that the agreements cover several sectors and involve a significantly large investment that will later drive economic growth and improve business relations between the two countries, which have committed to a sustainable partnership, says Antara News.
Kadin chair Anindya Bakrie said that the signing of the cooperation agreements marks a new chapter in the collaboration between Indonesia and Brazil, particularly in the renewable energy, agriculture, and technology sectors.
“The Indonesian Chamber of Commerce and Industry is proud to be a part of this transformative collaboration,” he added.
According to Antara News, the Indonesia-Brazil Business Forum—held to exchange commitments between the two countries for sustainable development and economic growth—also focused on exploring new collaboration opportunities, especially related to trade, investment, energy, and sustainable development.
This was in line with the main theme of the G20 Brazil Presidency, “Building a just world and a sustainable planet.”
Meanwhile, the president of the Brazilian National Confederation of Industry (CNI), Ricardo Alban, said that the spirit of innovation, growth, and sustainability drives both Brazil and Indonesia.
“The partnership built today is the foundation for a new era of collaboration for both countries. Through this partnership, we are paving the way for growth that is not only profitable for business but also contributes to larger goals such as reducing carbon emissions, promoting sustainable practices, and creating jobs,” he said.
“By leveraging each other’s economic strengths and expertise in key industries such as agribusiness, biofuels, and mining, we will drive economic growth while sharing the responsibility to ensure a sustainable future for future generations,” Alban added.
Economic cooperation between Indonesia and Brazil has continued to increase over the past few years, reports Antara News, adding that in 2022, Indonesia exported goods worth USD 1.91 billion to Brazil, with the main products being palm oil, coconut oil, and rubber.
Brazil exported goods worth USD 359 million to Indonesia in 2024, resulting in a positive trade balance of USD 169 million for Brazil.
Source: Antara News
