Indonesia plans to stop exports of raw materials following nickel ore shipment ban
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Indonesia is planning to stop exports of raw materials in the next few years following the country's current prohibition of nickel ore shipment.
During the 2021 annual meeting of Indonesia's central bank here on Wednesday, President Joko Widodo stressed that Indonesia will no longer export raw materials, Xinhua news agency reported.
"We have started this with nickel," said the president. "Maybe next year, under calculations, (we may) stop bauxite exports. In the year after, (we may) stop copper exports. And the following year, (we may) stop the tin exports."
"We want all of these raw materials to be exported in the form of semi-finished goods or finished goods because what we want is added values," said the president.
At the meeting which was attended by the country's top officials, Widodo emphasized that the plans aim to create more investment of downstream industries in the country which will create more job opportunities for Indonesians.
