JAKARTA, March 20 — Indonesia is accelerating its downstream industrialisation drive to maximise the value of its natural resources, bolster domestic manufacturing and create...
Indonesia President Prabowo Subianto said the country is pushing to process its natural resources into higher-value products to boost industry, create better jobs and retain more wealth domestically. — Reuters picand enjoy FREE RM10 & when you sign up using code VERSAMM10 with min.
cash of RM100 today! T&Cs apply.JAKARTA, March 20 — Indonesia is accelerating its downstream industrialisation drive to maximise the value of its natural resources, bolster domestic manufacturing and create high-quality jobs, President Prabowo Subianto said. He said Indonesia must move away from exporting raw materials and instead process them into higher-value industrial products to ensure greater economic benefits remain within the country. He pointed out that Indonesia is rich minerals such as bauxite and tin which are crucial to support manufacturing, but has yet to fully capitalise on them compared with countries such as South Korea and Japan. “What we are witnessing is deindustrialisation, with Indonesia’s wealth not staying within the country. I want to see results — this is the only way. We must stop merely exporting raw materials.” “We must process them into high-value industrial products,” he said during a roundtable discussion with senior journalists from major Indonesian media organisations at his residence in Hambalang, West Java, recently. The President also reiterated plans to develop a domestic automotive industry centred on an electric vehicle ecosystem.He said the initiative would go beyond conventional manufacturing, with a focus on building a fully electric transport system powered by renewable energy. The President said Indonesia must pursue reforms across multiple sectors simultaneously to revive industrialisation and ensure inclusive economic growth. He said the government has mapped out an “industrial tree” strategy involving the development of downstream industries across key commodities to build complete domestic value chains. The push for industrialisation comes amid concerns over structural imbalances in the economy, including a shrinking middle class and the prevalence of low-paying informal jobs despite steady economic growth. Prabowo acknowledged the issue, saying economic expansion has not translated into broad-based prosperity and stressed the need to create not only employment, but quality jobs for for the people. The President also underscored the importance of deregulation in improving competitiveness and curbing leakages. Citing deregulation in fertiliser distribution as one his administration’s efforts to enhance efficiency, he said the government had eliminated 145 regulations, allowing farmers to purchase directly from factories. “We removed 145 regulations. From the factory, farmers can now buy directly. So deregulation is very important,” he said, adding that unnecessary red tapes is an obstacle to competitiveness. — Bernama
Prabowo Subianto Electric Vehicle Ecosystem Downstream Industries Deregulation Competitiveness Bernama
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