President Prabowo Subianto launched industrial projects at Weda Bay and the first exports of EV batteries from REPT Battero, and said Indonesia would protect investment.
President Prabowo Subianto said on Thursday that Indonesia would respect and safeguard investment as he launched nickel- and aluminium-based projects at an industrial park at Weda Bay. The park is partly controlled by Chinese steelmaker Tsingshan Holding Group. He also launched the first exports of electric-vehicle batteries produced by REPT Battero.
Prabowo said protecting the partnership was a matter of honour. The remarks followed a letter from Chinese firms warning that tighter mining quotas, higher taxes and a new pricing formula were raising costs. Indonesia banned raw nickel exports in 2020 to force domestic processing and has become the top exporter of nickel products, about 60 percent of global supply, with export value rising from 3.3 billion dollars in 2017 to more than 33 billion by 2024, Reuters reported.
Investment Minister Rosan Roeslani said four projects were worth 3.4 billion dollars and that investment in six other projects was expected to reach 6.8 billion dollars. Named investors include PT Guang Ching Nickel Cobalt, PT Weda Bay Aluminium and PT Flatsolar Energy Indonesia. New work includes nickel-based battery material, battery components and photovoltaic glass, plus two aluminium plants.
The ceremony is a launch of commercial operations and new construction, not a completed output figure for the new lines. Reuters did not publish a start date for full production at each plant.
People Sentiments Positive
- Prabowo Subianto said Indonesia would respect and safeguard investment from wherever it comes.
- Rosan Roeslani put the four launched projects at 3.4 billion dollars.