Indonesian authorities shared the optimism that the recently ratified Indonesia-Korea Comprehensive Economic Partnership Agreement (IK-CEPA) will back domestic industries, including the downstream sector.
"Norwegian people are not many, only 5.5 million people. But this is a rich country and people really like to try new things," Indonesian Ambassador to Norway stated.
China and Indonesia reaffirmed their intention to further expand and improve the mechanism for a mutually beneficial cooperation.
Indonesia to Ban Bauxite Export in June 2023
TheIndonesia.id - President Joko Widodo has announced that Indonesia will start banning the export of bauxite ore next year as the administration looks adamant in gradually stopping the export of raw materials and encouraging domestic processing industry.
As reported by Antara, news about upcoming bauxite export ban was made public by President Widodo on Wednesday, December 21.
“Starting from June 2023, the government will impose ban on bauxite ore export and encourage domestic processing and refining industry,” Widodo announced.
As he’d made clear on previous occasions, Widodo emphasized the importance of maintaining sovereignty over Indonesia’s natural resources and boosting trade of value-added products, which is believed will trigger employment opportunities and a more equal economic development.
Indonesia has also imposed ban on nickel ore export which came into effect on January 1, 2020. Jokowi reported that since then, the value of Indonesia’s nickel export has been growing significantly.
“By the end of 2014, the value of nickel export was only Rp 17 trillion or US$1.1 million, and it jumped to Rp 326 trillion or US$20.9 million—increasing 19 times,” he explained, adding that the value is expected to further rise to more than Rp 468 trillion or US$30 million in 2022.
And upon ban on bauxite export which will, hopefully, stimulate domestic industry, the president predicted Indonesia can make about Rp 62 trillion, from previously Rp 21 trillion.
"The government will continue to consistently carry out domestic downstreaming, so the added value can be enjoyed by Indonesians and contribute to the welfare of the people," Widodo said.