Jokowi: Revenue from Nickel Downstreaming Reach IDR 510 trillion

Jakarta, VIVA – President Joko Widodo (Jokowi) revealed that Indonesia has achieved revenue from nickel downstreaming amounting to IDR 510 trillion, up from previously around IDR 33 trillion.

Moreover, Indonesia no longer exports raw nickel products, but processes them into various products domestically, including electric vehicles (EVs).

The head of state highlighted that at the beginning of the downstreaming process, there was opposition in 2022, as Indonesia had to forgo revenues of around IDR 20 trillion at that time.

In addition, the head of state mentioned several lawsuits, including one from the European Union, due to this downstreaming policy.

"Earlier, it was IDR 33 trillion, now it has increased to IDR 510 trillion. This is enormous. Although there were many pros and cons initially, we were sued by the EU and we lost at that time," President Jokowi said on Wednesday (August 7).

The President stressed that any lawsuit in any court must be faced head-on and there will be no retreat, especially after seeing that Indonesia has several special economic zones (SEZs), one of which is in Kendal.

"I stated that this country is a sovereign nation, national interests are paramount, and we cannot be dictated to by anyone. I told the ministers to keep moving forward. If we lose a lawsuit, we will appeal!" the head of state remarked.

On the same occasion, President Jokowi also highlighted that several nickel smelters will soon be operational. These include smelters in Morowali, Wedape, Sumbawa, and Gresik.

Additionally, Jokowi revealed that the processing of bauxite production in West Kalimantan will begin in September.

"If everything is completed, the ecosystem will be established. We will be able to enter the global supply chain, providing significant added value in terms of employment and economic growth," he stated.

Furthermore, President Jokowi also appreciated the work of the Government and Chinese investors for quickly realizing the construction of factories in Indonesia following the signing of agreements.

According to him, the terms "developed" and "developing" countries are no longer relevant; instead, fast countries will outpace slow countries.

"Only 10 months ago, we signed an agreement in Beijing, and now the factory is already built. This is what speed looks like, and fast countries will outpace slow ones. We are now a fast country," he concluded.