At the end of the Indonesia-South and Central Asia Business Forum (INASCA), worth $ 8.33 billion in business and investment are expected in Indonesia through different 50 trade and investment deals in Jakarta, Indonesia
ISLAMABAD, (UrduPoint / Pakistan Point News – 8th Oct, 2024) At the end of the Indonesia-South and Central Asia Business Forum (INASCA), worth $ 8.33 billion in business and investment are expected in Indonesia through different 50 trade and investment deals in Jakarta, Indonesia.
The Indonesia-South and Central Asia Business Forum (INASCA), organized by the Ministry of Foreign Affairs in Jakarta on October 7, 2024, concluded with remarkable outcomes.
This extraordinary achievement follows a series of events under the “Road to INASCA” initiative that began earlier this year.
The forum successfully secured 50 business and investment deals, amounting to $ 8.33 billion.
The business delegations from different chambers of Commerce from Pakistan and other South and Central Asian countries, including Bangladesh, Sri Lanka, India, Uzbekistan, and Kazakhstan participated in INASCA and promoted trilateral economic integration between Indonesia and the countries of these two regions.
Businessmen from various business sectors of Pakistan, including textile, oil consumption, and IT and technology sectors, have signed various agreements in INASCA.
In the Indonesia-South and Central Asia Business Forum (INASCA), in Jakarta, the agreements reflect collaborative efforts from a diverse range of stakeholders, including state-owned enterprises, private companies, MSMEs, and government entities.
Meanwhile addressing the INASCA forum, Vice Minister of Foreign Affairs of Indonesia, Pahala Nugraha Mansury emphasized that this substantial level of business activity represents a significant step forward in strengthening economic ties between Indonesia and the countries of South and Central Asia.
“This will serve as a foundation for sustainable growth and expanded market access for Indonesian businesses and the region as a whole,” he stated.
The energy sector emerged as the largest contributor, with transactions amounting to $ 4.55 billion, followed by the automotive sector with $ 2.1 billion, and the healthcare sector with USD 128 million.
Dharshini Sheamalee Wickramasingha Weerasekera, CEO of Ceylon Biscuits Limited, praised INASCA as a valuable first step toward boosting economic ties between Indonesia and South and Central Asia. “Indonesia is a promising country with great potential to become a major economic driver in this region,” she said.
For Indonesian companies, the forum opened doors to penetrate the South and Central Asian markets. Kukuh Roxa, CEO of Pandawa Agri Indonesia, who recently signed an MoU with Oneemto Pvt Ltd from Sri Lanka, noted the vast market potential for organic fertilizers in the region, with estimated prospects reaching IDR 100 billion or $6,35 million.
Abdul Kadir Jailani, Director General for Asia Pacific and Africa at the Ministry of Foreign Affairs explained that the forum encompassed a variety of panel discussions, business matching sessions, and exhibitions.
The main panel, themed “Strategic Outlook and Opportunities for Cooperation in South and Central Asia,” featured experts from various fields, including Dr. Yayan G.H. Mulyana, Head of Foreign Policy Strategy at the Ministry of Foreign Affairs of Indonesia, and Kasimov Ilzat Ablakhatovich, Deputy Minister from Uzbekistan’s Ministry of Investment, Industry, and Trade.
The forum also highlighted thematic discussions on strategic opportunities in sectors such as energy and infrastructure resilience, food and health, and tourism and services.
A third thematic panel explored investment potential in the energy sector, including renewable energy sources such as bioenergy and geothermal power, the coconut oil and pharmaceutical industries, and food sector collaboration. In the tourism panel, discussions focused on strengthening interregional connectivity, promoting tourism, and increasing investment in tourism services and infrastructure.
Director General Abdul Kadir Jailani expressed his appreciation for the active participation of all parties involved in the success of this event, from attendees to the supporting staff.
With substantial transactions and promising prospects for future collaboration, INASCA is expected to become a key pillar in expanding Indonesia’s economic connections across the region.
Vice Minister of Foreign Affairs of Indonesia, Pahala Nugraha Mansury delivered a keynote speech in the opening session of the INASCA Business Forum.
MoU Signing between the Ministry of Investment, Industry, and Trade Uzbekistan and Sterilyn Halal International Ltd.
Head of Foreign Policy Strategy, Ministry of Foreign Affairs of Indonesia, Dr. Yayan G.H. Mulyana, delivered his presentation on the main panel Strategic Outlook and Opportunities for Cooperation in South and Central Asia.
Director General for Asia Pacific and Africa at the Ministry of Foreign Affairs, Abdul Kadir Jailani closed INASCA Business Forum.
At the end of the forum, the business delegations from Pakistan welcomed the participation in such a forum for the promotion of economic relations between Pakistan and Indonesia.
On this occasion, the Ambassador of Pakistan to Indonesia,
Ameer Khuram Rathore, while talking to APP, said that bilateral trade between the two countries is significant for promoting bilateral trade and economic ties.
