Economic relations between the Islamic Republic of Iran and Indonesia, despite significant potential in energy, trade, investment, the halal economy, technology, and transportation, remain well below their expected level. This study aims to identify and prioritize strategies for enhancing bilateral economic relations using a strategic management approach. The research is applied in purpose and descriptive–analytical in method. Data were collected through document analysis, library research, official statistics, expert interviews, and questionnaires. The study population consisted of 51 experts in international relations, economics, and Southeast Asian studies. Data were analyzed using SWOT analysis, the Internal Factors Analysis Summary (IFAS), the External Factors Analysis Summary (EFAS), and the Quantitative Strategic Planning Matrix (QSPM). The findings indicate that Iran’s major strengths include its strategic geopolitical position, abundant energy resources, productive capacity, and skilled human capital, while the main weaknesses are an inefficient financial and banking system, bureaucratic barriers, inflation, and dependence on oil revenues. The analysis also identifies substantial opportunities for expanding cooperation in energy and petrochemicals, bilateral trade, joint financial institutions, the halal economy, and investment in joint projects. The QSPM results demonstrate that aggressive (SO) growth strategies represent the most appropriate approach for strengthening Iran–Indonesia economic relations. The highest-priority strategies include expanding energy cooperation, establishing joint financial mechanisms, promoting non-oil exports, strengthening economic diplomacy, developing the halal economy, and increasing bilateral investment. The findings provide a practical framework for economic policymaking and commercial diplomacy and may contribute to enhancing Iran’s economic engagement with Indonesia and other Southeast Asian countries.