Jakarta (ANTARA) - Indonesian President Prabowo Subianto announced a new government regulation requiring state-owned enterprises (SOEs) to become sole exporters of several natural resource commodities, including palm oil, coal, and ferroalloys.

Under the regulation, SOEs designated by the government will handle exports of the commodities as sole exporters.

Prabowo announced the policy while presenting the government's 2027 Macroeconomic Framework and Fiscal Policy Principles (KEM-PPKF) during a plenary session of the House of Representatives (DPR) in Jakarta on Wednesday.

"The issuance of this government regulation is a strategic step to strengthen governance of our natural resource commodity exports," Prabowo said.

"We are requiring exports of our natural resources — starting with palm oil, coal, and ferroalloys — to be conducted through SOEs appointed by the government as sole exporters," he added.

The president said the regulation was aimed at preventing illegal practices in Indonesia's natural resource export management.

"The main objective of this policy is to strengthen supervision and monitoring, while eradicating under-invoicing, transfer pricing, and the loss of export proceeds," Prabowo said.

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"This policy will optimize tax collection and state revenue from the management and sale of our natural resources," he added.

Prabowo said Indonesia should be able to generate state revenue from natural resources comparable to countries such as Mexico and the Philippines.

"Indonesia's natural resources belong to the Indonesian people. Therefore, the state has the right to know in detail how those resources are sold abroad," he said.

"We no longer want to be misled. We want to know exactly how much of our wealth is being sold," he added.

Prabowo said similar export governance policies had been implemented in countries such as Saudi Arabia, Qatar, Algeria, Morocco, Ghana, Malaysia, and Vietnam.

"We must not be naive. We must use common sense," he said.

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