Indonesia Holds INASCA to Strengthen Business Ties with South and Central Asia

The Indonesian Ministry of Foreign Affairs held inaugural the Indonesia-South and Central Asia (INASCA) Business Forum in Jakarta on Monday (7/10/2024).

IDXChannel - The Indonesian Ministry of Foreign Affairs held inaugural the Indonesia-South and Central Asia (INASCA) Business Forum in Jakarta on Monday (7/10/2024).

The forum aims to unlock the untapped potential for cooperation between Indonesia and countries in South and Central Asia.

“There are 4 sectors where cooperation can be enhanced, namely Energy Security, Agriculture and Food Security, Health and Trade,” said Indonesian Vice Minister of Foreign Affairs Pahala Mansury in his opening remarks.

South and Central Asian countries have significant oil and gas reserves, and Indonesia's energy needs are still quite high, so it is important to establish cooperation in terms of energy supply, investment and technology for oil and gas exploration. Indonesia can bring its experience in building gas-based and renewable power generation capacity. 

As for renewable energy sources, Indonesia and countries in South and Central Asia can also collaborate in the development of renewable energy, including solar power and hydropower, as well as renewable energy infrastructure.

In terms of agriculture and food security, Indonesia and South and Central Asian countries have a high and growing demand for food due to projected population increases. Indonesia and countries in South and Central Asia can explore and enhance cooperation in agriculture and food security, both in securing food supplies, increasing agricultural productivity, agricultural equipment and technology, and fertilisers.

“In Indonesia, we still depend on imports for health equipment and pharmaceutical materials. While some countries in South and Central Asia have developed advanced technology in the health sector, including in the production of medicines and nanotechnology. This provides opportunities for cooperation in the production of pharmaceutical materials and medical equipment. I hope the private sectors from Indonesia and South and Central Asia present here today can explore these opportunities,” said Pahala.

In the trade sector, the volume of trade between Indonesia and South and Central Asian countries still has the potential to increase through the establishment of free and preferential trade agreements and economic partnership agreements. Indonesia currently has PTAs with several South and Central Asian countries, including Pakistan, Iran, and India. PTAs are in the process of being negotiated with Bangladesh, Sri Lanka, and the Eurasian Economic Union.
 
At least more than 400 Indonesian companies and enterprises from South and Central Asian countries namely India, Pakistan, Bangladesh, Uzbekistan, Sri Lanka, Kazakhstan, Azerbaijan, attended this event. (Wahyu Dwi Anggoro)