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(Bloomberg) — Indonesian President Prabowo Subianto and Japanese Prime Minister Sanae Takaichi pledged deeper economic ties and cooperation on energy security as the two countries grapple with market instability brought on by the war in Iran.
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“We agreed that both Indonesia and Japan will work hard to encourage all parties to pursue de-escalation. We are also ready to serve as mediators if needed,” Prabowo said in Tokyo on Tuesday after meeting with Takaichi.
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Takaichi said they had discussed the situation in the Middle East and affirmed that both countries would work closely on securing energy security, without elaborating on what the cooperation may entail.
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Energy is a top concern for both leaders, with Japan relying on the Middle East for over 90% of its oil. While Indonesia is less directly dependent on the region, about 20% to 25% of its crude imports have in recent years passed through Hormuz, leaving it exposed to global price swings. Japan also imports liquefied natural gas and coal from Indonesia.
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Indonesian officials have sought to reassure markets and its trading partners, saying fuel supplies remain stable and are being replenished, with no plans to raise subsidized prices.
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The two leaders also agreed to further defense cooperation given their shared interest in ensuring a stable Indo-Pacific.
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Tokyo has expressed concerns over China’s increasing military activity in neighboring waters, while Jakarta is seeking to strengthen its position in the Indo-Pacific and balance relations with major powers such as the US, China and Russia.
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“We agreed to further strengthen our cooperation in maritime security, through OSA assistance to the navy and increased capabilities for the coast guard,” Takaichi said, referring to Japan’s official security assistance program.
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—With assistance from Shoko Oda.
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English (US)