Indonesia to announce ban on exports of a commodity, without saying which
INDONESIA will announce an export ban on a commodity later on Wednesday (Dec 21), President Joko Widodo said, without specifying which one, as he highlighted the success of his policy to stop nickel ore shipments to try to attract foreign investment.
Jokowi, as the president is popularly known, said more bans will also be announced on shipments of raw commodities in the coming years as part of moves to develop resource processing industries onshore.
Once the world’s biggest exporter of nickel ore, Indonesia stopped exports in January 2020, a move that had enticed foreign investors, mostly from China, to build smelters in the resource-rich country.
“Previously we had stopped nickel. Today, later, we will announce (an export ban on) one more commodity,” Jokowi told an economic forum.
“Stop. We cannot allow more exports of raw resources,” he added.
He said his nickel export ban had helped Indonesia jumped up the value chain for nickel-based exports, which then boosted overall shipments and improved its current account position.
The president has previously said he wanted to expand the export ban to cover tin, bauxite, gold, copper and palm oil.
According to existing laws, an export ban on unprocessed mineral ore such as bauxite and copper is due to take effect in June 2023. REUTERS