Indonesian President Joko Widodo said on October 19 that the country is planning to put brakes on all raw commodity exports, in a bid to attract investment in its resource processing and create jobs, Reuters reported.
The country had stopped a number of unprocessed ore exports including nickel, tin and copper so as to help downstream industries, such as producing batteries for electric vehicles and aluminum industry.
The government is conducting a study for downstreams of commodities, with a long term goal of not selling raw materials any more, Reuters cited the President, as saying. A new policy was expected in the next year.
We had nickel export ban before. Next year, we may stop bauxite, the next year we may stop something else, Reuters cited Joko Widodo, as saying.
"We really want to hit the brakes on exporting raw materials because there is no value addition and it does not create jobs," he said, as was cited, adding that the policy would affect "all commodities".
Indonesia is the world's biggest exporter of palm oil, thermal coal and tin. It is also major exporter of rubber and copper. The government is considering ban palm oil export but did not disclose when it will come.
(Writing by Lilya Li Editing by Tammy Yang)
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