ESTABLISHMENT OF THE JOINT BUSINESS COUNCIL BETWEEN THE AUSTRALIA-LATIN AMERICA BUSINESS COUNCIL AND THE CENTER OF PROMOTION AND INVESTMENT ASIA PACIFIC-LATIN AMERICA (AP-LAC)
On July 27, a Memorandum of Understanding (MOU) was signed between the Australia-Latin America Business Council (ALABC) and the CENTER OF PROMOTION AND INVESTMENT ASIA PACIFIC-LATIN AMERICA (AP-LAC) for the establishment of the Australia-Central America and Caribbean Council of Business Cooperation (ACACBC) to foster closer friendships and promote economic, trade and investment between Australia and Guatemala, El Salvador, Costa Rica, Panama and Cuba.
The signing ceremony was co-hosted by the Chairman of the Board of Directors of ALABC Mr. Richard Andrews, and by the President of AP-LAC Mr. Alexander Mora-Delgado and included the participation of the Ambassador of Costa Rica in Australia HE Armando Vargas Araya.
Special mention to highlight the presence of Mr. Jairo Hernandez, former Ambassador of Costa Rica in Australia and Marcelino Aviles, former Ambassador of Panama in Australia.
In his welcoming remarks the President of AP-LAC Alexander Mora-Delgado, highlighted that the signing of the MOU marks a new milestone in the promotion of the business relations between Australia and key Central American countries and that the main objective is to provide a regular forum for a systematic bilateral business promotional initiatives that will lead to increased trade in goods and services and investment between Australia and Guatemala, El Salvador, Costa Rica, Panama and Cuba. He added that “the current trade and investment figures demonstrate that the existing potential remains largely untapped. An essential role for the ACACBC it is to encourage investor confidence and strengthen relations to establish the bases for stable growth that is beneficial for both regions”
The President of ALABC, Richard Andrews mentioned that this is the first business advisory group created by ALABC with a focus in 5 countries in the Central American and Caribbean region. The business councils are unique instances of private sector cooperation, coordination and consultation whose objective is to increase business between two regions. They are made up of senior businessmen and executives of companies that have significant interest in increasing the investments and trade flows with the countries that act as counterparts.
They are an effective tool for business diplomacy and complement the efforts made by DFAT and ALABC, along with key industry player such as COALAR , Austrade, Global Victoria, Trade and Investment Queensland and their counterparts in the region.
Clean energy and green hydrogen, tourism, mining, agriculture, science and technology are a major focus for government and industries wanting to attract and partner with Australian technology exporters and investors.
The importance of the MOU signed between our two private sector organisations, through which a strategic alliance is established represents a unique opportunity for Australian companies to access key players and decision makers in the business sector.
AP-LAC is a non-profit trade association that brings together companies and associations doing business between Latin America and the Asia Pacific.
ALABC was established in 1989 as a Not-for Profit association and our membership is comprised of companies and organisations ranging from large multinational corporations to education and research institutions, SMEs, sole traders and professionals, who are at the forefront of forging business relations between Australia and Latin America.