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Indonesia, as a developing country, has a long-term national vision to become a stable industrial country which will achieve in 2035. This commitment showed by an increase in industrial sector contribution to Indonesias GDP, which is targeted to reach 30% in 2035 compared to 20.97% contribution to GDP in 2015. The global competition and current trends also become challenges for Indonesian industry sector where nowadays, international markets more prefer eco-labeled products than the conventional one. The green industry concept, which prioritizes the efficient use of resources sustainably to improve environmental performance, could be the answer to tackle both problems. Green industry development can be done through the concept of industrial symbiosis by implementing a waste exchange strategy. This strategy is applied by reusing waste as raw material for other industries. This study examines industrial symbiosis potential practices in Indonesia using waste exchange strategies in various industrial sectors through a mental model approach. The mental model structure in this study was built by exploring possible synergies between industries through by-product similarity. This preliminary study may serve as additional industrial planning guidance for the Indonesian government and other related stakeholders in the green industry development.