At the inauguration in Jakarta in July of the third ASEAN-Latin American
and Caribbean Business Forum, President Susilo Bambang Yudhoyono urged the
gathered businesspeople from Latin America to “Seize the day!”
It seems that Peru, the
fastest-growing economy in South America, has been responding positively to
Yudhoyono’s call by making an all-out effort to reach Southeast Asia’s largest
economy.
Peru’s Foreign Trade and Tourism
Minister Jose Luis Silva Martinot recently visited Indonesia to foster
bilateral relations and attend the business forum. “With 240 million people and
plenty of natural resources, Indonesia offers many opportunities,” Silva told
The Jakarta Post recently.
Silva said that Peru was in a
perfect position to become a good partner from Latin America, which has a
collective gross domestic product (GDP) of US$6.87 trillion. Peru’s economy
posted a remarkable 8.8 percent growth in 2010 and 6.9 percent in 2011. Growth
is expected to reach at least 6 percent again this year, on a par with
Indonesia. “Peru is the fastest-growing economy [in Latin America]. Last year,
our exports grew by 28 percent,” Silva said.
With Peru in the top rank of
global fish meal producers and being a country rich in copper, silver, lead,
zinc, oil and gold, Silva is proposing that Indonesian businesspeople invest in
fisheries and mining.
“Prospects are good. However,
Indonesia can also invest in rubber plantations. In fact, rubber originated
from Peru, but now Indonesia is the largest rubber producer [in the world],”
Silva said.
Silva said that Peruvian
investors were seeking opportunities here, mentioning that soft drink company,
Big Cola, had entered the Indonesian market. “It is doing very well. More
investors may follow in the future,” Silva said.
Echoing a similar view, an
Indonesian official said that Peru was one of Indonesia’s targets among
non-traditional export markets.
“Peru and Indonesia complement
each other in the trade sector,” said Gusmardi Bustami, the Trade Ministry’s
director general of national export development.
Based on data from the Central
Statistics Agency (BPS), trade between Peru and Indonesia tripled over five
years, reaching $213.37 million in 2011. Despite the global economic crisis,
bilateral trade between the two states surged to $156.77 million in the first
seven months of this year, a 35.72 percent increase from the $115.51 million
reached during the same period last year.
The trade balance heavily favors
Indonesia, which primarily exports rubber, wood products, sports shoes, paper,
garments, motorcycle spare parts, aluminum, glass, ceramics, plastic and
electronics to Peru. Indonesia imports fish meal, animal feed, medicines,
grapes, wheat and fertilizers from Peru.
Silva expressed his hope that
relations would grow even closer. Peruvian President Ollanta Humala held
bilateral talks with President Susilo Bambang Yudhoyono on the sidelines of the
APEC Summit in Vlodivostok, Russia last month. Humala also plans to visit
Indonesia in the near future.
Veeramalla Anjaiah
Business & Investment Opportunities
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