Jakarta, August 23, 2024, The Europe Today: Indonesia is set to highlight four priority economic issues at the upcoming 2nd Indonesia-Africa Forum (IAF), with a target of securing business agreements worth up to US$3.5 billion. This was announced by Indonesian Deputy Minister of Foreign Affairs Pahala N. Mansury during a preparatory meeting on Thursday.
The forum, scheduled to take place from September 1–3, 2024, in Nusa Dua, Bali, will focus on strengthening economic ties between Indonesia and African nations. The event is expected to attract six heads of state or government from Africa.
Mansury emphasized that the goal of US$3.5 billion in business agreements is within reach, with nearly US$3 billion already secured. The forum will concentrate on four priority areas: food security, energy security, health cooperation, and critical mineral security.
Food Security
Indonesia sees significant opportunities for collaboration with Africa, particularly in the food sector. Africa’s vast land, favorable climate, and potential in trade and supply chains offer a promising non-traditional market. Mansury highlighted that state-owned enterprises like PTPN and ID Food are actively involved in this sector, and further cooperation is anticipated in areas such as fertilizer and biofuel development.
Energy Security
Energy security will be another major focus, with Africa holding 10 percent of the world’s oil reserves. Mansury noted that there is considerable potential for cooperation in both fossil and renewable energy. Indonesia hopes to advance projects in solar and geothermal energy and extend development in upstream oil and gas sectors.
Health Sector
In the health sector, both Indonesia and Africa have high demands for medicines, vaccines, and medical devices. Indonesia already supplies Polio vaccines to Africa, and further cooperation is expected to meet the growing healthcare needs on the continent.
Critical Mineral Security
The fourth priority area is critical mineral security. Both regions possess significant reserves of critical minerals essential for energy transition, including nickel, cobalt, graphite, and manganese. Mansury pointed out that 55 percent of the world’s cobalt reserves are in Africa, aligning with Indonesia’s efforts to develop downstream industries, particularly in the production of electric vehicle components and batteries.
The theme of the 2nd IAF, “Bandung Spirit for Africa’s Agenda 2063,” reflects Indonesia’s commitment to fostering long-term cooperation with African nations. The forum is anticipated to result in substantial agreements across various sectors, enhancing both economic and development ties between Indonesia and Africa for the 2024–2029 period.
