VOI - Voice of Indonesia | RRI - Radio Republik Indonesia

Coordinating Minister for Maritime Affairs and Investment Luhut B. Pandjaitan after giving a keynote speech at the High Level Multiparty Partnership Forum (HLP MSP) on Tuesday (03/09/2024), (Photo : Kemenkomarves) - 

VOInews, Bali : Indonesia is the largest archipelagic country in the world, supported by abundant natural resources for the energy transition. For years, Indonesia has depended on commodity exports in the form of raw materials.

Dependence on exports of raw materials causes Indonesia to experience a high current account deficit when commodity prices decline. This was conveyed by the Coordinating Minister for Maritime Affairs and Investment Luhut B. Pandjaitan in a keynote speech at the High Level Multiparty Partnership Forum (HLP MSP) on Tuesday (03/09/2024).

"The government is seeking economic transformation through Downstream Policy to encourage industrial development. In future, the Government will build a high added value industrial base to support the increasingly rapid digitalization of the economy," said Coordinating Minister Luhut.

Furthermore, Coordinating Minister Luhut explained that in pursuing economic transformation, the government is also allocating low-emission energy sources for industry to increase added value.

"forming a quality talent pool through a screening program for undergraduate graduates majoring in engineering and science to be directed to work in world-class companies in the technology sector," he explained.

"The downstream policy also contributes to increasing the export value of downstream nickel products such as iron, steel and lithium battery materials. Indonesia is currently developing a domestic lithium battery industry ecosystem. The main goal of downstream nickel is to create a competitive ecosystem in the lithium battery and electric vehicle value chain ," said Coordinating Minister Luhut.

Coordinating Minister Luhut added, "The Indonesian government is also working with leading companies from China, Japan, South Korea and the United States to ensure that their downstream industries, namely stainless steel, EV battery components such as cathodes, battery cells and packaging receive supplies "There is enough processed nickel from Indonesia," he added//VOI