I think it is time for Indonesia to play a bigger role...Nusa Dua, Bali (ANTARA) - Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan highlighted Indonesia's economic potential during a meeting with representatives of African countries and businesses here on Thursday in a bid to encourage cooperation.
Speaking at the Special Ministerial-CEOs Meeting: Emerging Economies Cooperation, he said that Indonesia has emerged as one of the fastest-growing economies following the pandemic.
"We were one of the fastest countries (in terms of economic recovery) because we could handle the COVID-19 pandemic (well) and carry out industrial downstreaming," he explained.
According to Statistics Indonesia (BPS), Indonesia’s economy grew by 5.7 percent year-on-year (yoy) in the third quarter of 2022.
Regarding the downstream industry, the coordinating minister said that Indonesia is currently not only producing raw materials, but also manufacturing processed products from the raw materials.
Indonesia is the world's largest nickel producer, he noted. Earlier, Indonesia only exported nickel ore, however, Indonesia is now processing the ore into iron and steel to generate added value from the commodity.
The value of Indonesia’s iron ore exports stood at US$1.2 billion in 2015, while, it is currently pegged at nearly US$21 billion.
“Indonesia is undergoing an economic transformation. Currently, we have a plan to develop the battery and electric vehicle industry," Pandjaitan informed.
Indonesia is building a number of industrial estates, especially outside the Java region, to expedite industrial downstreaming and encourage the equitable distribution of economic growth.
Further, the coordinating minister said that the country will optimize the use of various new and renewable energy potentials, such as solar, geothermal, water, and wind, to achieve net zero emissions by 2060 or sooner.
This potential is expected to attract African countries and other developing states to collaborate with Indonesia, he added.
"I think it is time for Indonesia to play a bigger role, (hence) we invite developing countries, especially African countries, to cooperate," he said.
Thursday’s meeting was held as a part of Indonesia's commitment to accommodate the interests of developing countries while serving as the chair of the 2022 G20 presidency.
The meeting was attended by representatives from the Democratic Republic of the Congo, Senegal, Rwanda, and the African Union Development Agency.
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Translator: Yashinta Difa, Uyu Liman
Editor: Rahmad Nasution
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