President Jokowi Orders Banking to Monitor Downstream Policy

By : Nata Kesuma | Friday, February 03 2023 - 08:45 IWST

President Jokowi in Mandiri Investment Forum of 2023, at the Ballroom of Fairmont Hotel, Jakarta, on Wednesday (02/01). (Photo: PR Office of Cabinet Secretariat/Oji)
President Jokowi in Mandiri Investment Forum of 2023, at the Ballroom of Fairmont Hotel, Jakarta, on Wednesday (02/01). (Photo: PR Office of Cabinet Secretariat/Oji)

INDUSTRY.co.id - President Joko “Jokowi” Widodo ordered banking to support and monitor industrial downstreaming carried out by the Government.

It was conveyed by President Jokowi in his remarks in Mandiri Investment Forum of 2023, at the Ballroom of Fairmont Hotel, Jakarta, Wednesday (02/01).

“I would also like to ask you, Ladies and Gentlemen, to monitor this downstream policy. The banks monitor this policy. How? If anyone applies for credits to build a smelter, approve it,” he stated.

President Jokowi also expressed hope that banking would not impede the credit granting for businesses that support the downstreaming since it will give real benefits to the state and credit grantors.

Furthermore, the President emphasized that consistency in the downstreaming is the key to make Indonesia an advanced country. Therefore, he always reminded all his ranks to carry on the downstream policy although other countries oppose the policy.

“I told the ministers in every meeting not to hesitate, we will continue to carry out the downstreaming. We are sued in the WTO, and lost, but we will carry on, because, for our country, this will make a developing country to be a developed country,” he explained.

President Jokowi said that industrial downstreaming would give huge added value for Indonesia. The President gave an example of nickel ore export ban policy, which was implemented since January 2020 and then followed by nickel downstreaming, had been able to increase the nickel export value significantly from US$1.1 billion up to US$30-33 billion in 2022.

“Imagine, from about Rp17 trillion, the value rose to Rp450 trillion. It was a huge added value,” he stated.

After downstreaming, the next step is to build a big ecosystem that integrates the downstreaming of the country’s commodities, such as electric vehicle ecosystem, including the batteries for electric vehicle.

“If we can build the big ecosystem, integrate nickel with copper, bauxite, and tin from different islands, we can produce EV battery, lithium battery. From that only, I cannot imagine how much the added value will be,” he remarked.

Attending the forum were Coordinating Minister for Maritime and Investment Affairs Luhut Binsar Pandjaitan, Minister of Economic Affairs Airlangga Hartarto, Minister of State-Owned Enterprises Erick Thohir, and President Director of Bank Mandiri Darmawan Junaidi. 

 

News Comment

Today's Industry

Founder dan Chief Executive Officer (CEO) Fuse Andy Yeung (right) and COO Fuse Ivan Sunandar.

Rabu, 22 Maret 2023 - 06:55 WIB

Fuse Achieved More Than Usd 200 Million Of Gwp and 150 Million Policies For 2022

During the Grand New Office Opening event on 17th March, 2023, insurtech company Fuse announced more than 150 million policies, with GWP exceeding USD 200 million (IDR 3 trillion) being achieved…

the Oath Ceremony of Anwar Usman and Saldi Isra as Chair and Deputy Chief Justice of the Constitutional Court (MK) for the 2023-2028 Term of Office, Monday (20/03/2023). 

Senin, 20 Maret 2023 - 14:59 WIB

President Jokowi Attends the Oath Ceremony of the Chief and Deputy Chief Justices of the Constitutional Court for the 2023-2028 period

Indonesian President Joko Widodo (Jokowi) attended the Oath Ceremony of Anwar Usman and Saldi Isra as Chair and Deputy Chief Justice of the Constitutional Court (MK) for the 2023-2028 Term of…

Hitachi Vantara

Senin, 20 Maret 2023 - 13:40 WIB

Hitachi Vantara Raises Bar for Object Storage Performance, TechTarget’s Enterprise Strategy Group Technical Review Shows

Hitachi Vantara, the modern infrastructure, data management and digital solutions subsidiary of Hitachi Ltd. (TSE: 6501), today announced results from TechTarget’s Enterprise Strategy Group…

(Photo: © 2023 KRAIBURG TPE)

Senin, 20 Maret 2023 - 12:16 WIB

KRAIBURG TPE to Launch New Automotive Interior Surface TPE Solutions for the Asia Pacific Market

THERMOLAST® K FG/SF/AP, which will be unveiled at CHINAPLAS 2023, is a game changer for innovative automotive interior applications in Asia Pacific.

President Jokowi attended the Istigasah and Joint Prayer of Rabithah Melayu-Banjar, Friday (17/03/2023), at the Tabalong Shining Pendopo Complex, Tabalong, South Kalimantan. (Photo: BPMI Setpres/Laily Rachev)

Sabtu, 18 Maret 2023 - 13:08 WIB

President Jokowi Appreciates the Support of the Malay-Banjar Community for the Development of IKN

RI President Joko Widodo (Jokowi) expressed his appreciation for the support given by the Malay-Banjar community for the development of the Archipelago Capital City (IKN) in East Kalimantan.…