SOFOFA AND ASEAN BUSINESS ADVISORY COUNCIL FORGE HISTORIC BUSINESS PARTNERSHIP
*Photo by Bernama, 2025
Memorandum Of Understanding Establishes Chile-Asean Business Council As Primary Platform For Economic Collaboration Between Regions
KUALA LUMPUR, 26 October 2025 – The ASEAN Business Advisory Council (ASEAN-BAC) and the Chile-ASEAN Business Council have signed a Memorandum of Understanding (MoU) to establish a formal cooperation framework aimed at strengthening business-to-business relations and unlocking new trade and investment opportunities between ASEAN and the Republic of Chile. It was inked by Rodrigo Yáñez representing Chile-ASEAN Business Council, as Secretary General of the Confederation of Chilean Industry (SOFOFA) and Tan Sri Nazir Razak as Chairman, ASEAN-BAC. The signing was held alongside the ongoing ASEAN Business and Investment Summit 2025.
The partnership, the first with a South American nation, establishes the Chile-ASEAN Business Council as the principal platform for business collaboration and market access facilitation. The Council will serve as a conduit for regular exchange of market intelligence, organization of business delegations, and joint coordination of trade forums and investment roundtables.
Tan Sri Nazir Razak, Chairman of the ASEAN Business Advisory Council 2025, said, “This partnership with Chile marks a pivotal step in deepening ASEAN’s global economic ties. It opens new frontiers for trade, investment, and collaboration, important at a time when ASEAN seeks to diversify its economic partnerships . The Chile-ASEAN Business Council will be a platform to drive two-way economic engagement and strengthen integration under RCEP. Chile’s resources and innovation, coupled with ASEAN’s dynamism and market scale, create complementarities that can elevate both regions’ roles in global value chains.”
The Council will prioritise cooperation in five strategic sectors where both regions share significant complementarities: mining and natural resources for critical minerals supply chains; agribusiness and food industry; renewable energy and green economy initiatives including green hydrogen; technology and digital economy; and infrastructure and logistics to optimize trade routes.
“The MoU represents a historic milestone in the relationship between Chile and ASEAN. The bilateral business council will identify business opportunities, promote cooperation in innovation, energy, critical minerals, food, logistics, and sustainability, and encourage the integration of Chilean companies into Southeast Asian supply chains. The establishment of the Chile-ASEAN Business Council also complements Chile’s agenda as an ASEAN Partner, strengthening its participation in the bloc’s economic and business initiatives,” added Rodrigo Yáñez, Secretary General, SOFOFA.
With sustainability and green transition as shared priorities, the partnership will facilitate collaboration in renewable energy projects, with particular focus on Chile’s green hydrogen capabilities and ASEAN’s growing clean energy needs. Both parties will work to enhance sustainable resource development and support environmental technology adoption across industries.
