“Going forward, I hope that Indonesia and South and Central Asia can realize these potentials ," Pahala told the opening of the Indonesia South and Central Asia (Inasca) 2024 Business Forum in Jakarta on Monday, October 7, 2024.

He said that the first potential of collaboration is in the area of energy security as some countries in Central Asia have significant reserves in oil and gas, while Indonesia currently imports a significant amount of oil and gas.

He cited that right now Indonesia is importing around 500,000 to 600,000 barrels of oil as well as product equivalent every day. To ensure its energy security, Indonesia needs to pursue cooperation for supply as well as investment and technology in oil and gas exploration

As for South Asian countries, Indonesia can bring its experience in capacity building, such as in the area of developing electricity power plants particularly those concentrating on gas fire as well as renewable power plants. As the world is transitioning towards renewable energy resources Indonesia and countries in South and Central Asia can also collaborate on the development of renewable energy including solar as well as hydropower and other areas such as hydrogen.

The second potential of collaboration is in the agriculture and food security. Indonesia and South and Central Asia have a high and increasing demand for food due to our projected increase in our population. Currently, Indonesia and some countries in South and Central Asia are heavily reliant on food imports. Interestingly, agriculture is one of the most important sectors for both Indonesia as well as other countries in South and Central Asia .

"I hope that through this forum, we can actually explore a way for Indonesia as well as businesses coming from South and Central Asia to be able to collaborate on how are we going to be able to improve our agricultural productivity as well as food security," Pahala said.

The third potential of collaboration is in health and healthcare supplies. Healthcare system and services in Indonesia as well as in South and Central Asia need to be strengthened particularly in keeping with the increasing needs of the population.

"We are still relying heavily on imports for health equipment as well as pharmaceutical ingredients while some countries in South and Central Asia have already developed some capabilities to develop their domestic production capacity to produce its own pharmaceutical requirements.

“So this represents opportunities for cooperation in the production of pharmaceutical ingredients as well as medical equipment," he said.

The fourth and last collaboration is in trade development. Even though trade volume between Indonesia and Central and South Asia continues to grow in the last five years, it has actually been growing at about 54 percent.

Pahala said further that the forum will continue to provide a platform for Indonesia as well as businesses from South and Central Asia to continue to develop trade relationship. Indonesia currently has a Preferential Trade Agreement with some South and Central Asian countries, including Pakistan, Iran, and India.

"I hope that through your continued support, we are going to be able to conclude this negotiation and finalize agreements which I'm sure will bring a significant benefit for both regions," he said.