Politics
Defying international pressure, Jokowi and Prabowo commit to Indonesian resource nationalism
Jakarta. President Joko “Jokowi” Widodo remains committed to Indonesia's nationalist resource strategy despite international opposition, including a lawsuit from the European Union. The policy, which bans the export of unprocessed minerals and focuses on domestic processing, is central to Jokowi's economic vision, aimed at boosting the country's downstream industries.
Since 2020, Indonesia has imposed a nickel export ban to boost domestic smelting and processing industries. Despite international resistance, President Jokowi stressed that foreign investors are welcome in these sectors. The ban forces companies to build factories in Indonesia, ensuring the country gets more value from its resources. The EU has sued Indonesia at the World Trade Organization (WTO), saying the ban could affect European stainless steel production.
“Although many countries have sued us, opposed us and even tried to thwart us, as a great sovereign nation, we stand firm and continue to move forward,” Jokowi said in his final speech on the State of the Nation in August.
He reiterated his commitment at a recent Indonesian Economic Specialists Association (ISEI) forum in his hometown of Solo, saying: “Under normal global conditions, we would not be able to do this . Developed countries would certainly stand in our way.”
In addition to nickel, a ban on exports of copper concentrates is in the works. However, the government decided to delay the ban, initially planned for early June, until December 31. This temporary exemption allows companies to continue exporting copper concentrates until the end of the year before the ban takes effect. The extension provides more time to complete domestic smelting facilities and allows industries to adapt to impending restrictions.
Jokowi recalled the difficulties encountered in convincing mining giant Freeport McMoRan to stop exporting copper concentrate and build a smelter in Indonesia. “People warned me: 'Be careful, Freeport might refuse, Papua might break up or you might be overthrown.' Even after 55 years in business, Freeport had never built a foundry. It wasn’t easy,” he explained.
After lengthy negotiations, Freeport Indonesia launched its Rp56 trillion ($3.68 billion) smelter at the Java Integrated Industrial and Port Estate (JIIPE) in Gresik on September 23. The facility, which began operations in June, has an input capacity of $1.7 million. tonnes of copper concentrate and is expected to reach full capacity by December 2024. Jokowi estimates that the state could earn around Rp80 trillion from Freeport through dividends, royalties and various taxes.
Jokowi stressed that downstream industrialization is the cornerstone of Indonesia's future, emphasizing the importance of strategic plans to overcome potential obstacles from other countries. Beyond minerals, he highlighted Indonesia's plans to develop other downstream sectors, such as seaweed, taking advantage of the country's vast coastline.
His successor, Prabowo Subianto, pledged to continue Jokowi's efforts at resource nationalism and industrialization. As Jokowi nears the end of his presidency, the program is poised to become one of his administration's lasting legacies.
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