As Indonesia continue to grow in economic stature, international influence and global presence, numerous economic resources, opportunities and leverages will become increasingly available for Jakarta to utilize in its economic diplomacy. With Indonesia climbing up the economic league table, its overseas economic interests will grow and economic diplomacy will constitute a much larger proportion of its overall diplomatic activities. This article argues that Indonesia can improve its economic diplomacy by strengthening its strategic competence, especially in (1) clarifying strategic priorities, (2) identifying transnational partners and (3) devising appropriate plans of action which are tailor-made for different scenarios for each economic issue and target market/host country. By taking into consideration the relative capabilities of the ministry of foreign affairs compared to its transnational partners and the relative strength of the target market/host country itself, this article theoretically discusses 8 (eight) possible scenarios and their corresponding plans of action. In the long run, a leading role for the Ministry of foreign affairs is needed to exercise "full-spectrum" economic diplomacy and will contribute greatly towards Indonesia's sustained rise and long-term strategic engagement with the globalized economy beyond its borders.