Bolivian entrepreneurs open business networks with Indonesia

By PPO Abogados

Within the framework of the Indonesia – Latin America and Caribbean Business Forum, which took place on 14-15 October 2021, a Letter of Intent on the establishment of Indonesia – Latin America and Caribbean Business Network was signed by the Bolivian Institute of Foreign Trade (IBCE, for its Spanish acronym).

IBCE's function is to promote the growth of Bolivia's trade in both exports and imports by providing market data information, trade and investment opportunities, studies related to commodities, trade agreements, including challenges or obstacles in terms of doing business with Bolivia. 

The letter was signed directly by the President of IBCE, Demetrio Soruco Henicke, and the Indonesian Ambassador to Bolivia and Peru, Marina Estella Anwar Bey. 

In her remarks, the Indonesian Ambassador expressed her appreciation to IBCE for its interest in the Indonesian market, hoping that the signing of the document can be the first step to improve connections between Bolivian and Indonesian businessmen. 

Bolivia is trying to cushion the effects generated by the COVID-19 pandemic and the fall in oil price. In the first months of 2021, the economy has shown important signs of recovery due to the improvement in the international environment and the relaxation of the isolation measures adopted at the beginning of the pandemic.

According to the World Bank, the Government and society must join forces to advance vaccination and thus enable full recovery of economic activity and employment. High public debt and modest international reserves could limit efforts to boost the economy only through expansionary policies, especially if the private sector does not play a more active and sustained role.