Do not think our country will become a developed country if we are afraid to downstream the raw materials that exist in our country
Jakarta (ANTARA) - Indonesian President Joko Widodo (Jokowi) entrusted the banking world to take on an active role in overseeing government policies in the downstream of mining industries.

"I also want to entrust the ladies and gentlemen with overseeing the downstream policy. Banks oversee this. If there are people, who apply for a loan to build a smelter, give it to them," President Jokowi stated, as a keynote speaker at the 2023 Mandiri Investment Forum in Jakarta, Wednesday, that was broadcast by the Presidential Secretariat's official YouTube channel.

The president expressed optimism that banks would not make it difficult for those looking to apply for such loans, as what is being done has clear benefits for the state and companies providing credit.

Jokowi emphasized that consistency in the downstream mining industries was one of the keys to boosting economic growth.

The head of state cited as an example the benefits of downstream nickel and at the same time implementing the policy of banning nickel ore exports since January 2020.

According to the president, the downstream has created a high jump in value from the Indonesian nickel mining industries, from earlier around US$1.1 billion to US$30-33 billion in 2022 based on his estimates.

"Imagine, about Rp17 trillion then jump to Rp405 trillion. What an enormous added value," Jokowi remarked.

Hence, the president said he persistently urged ministers of the Indonesia Onward Cabinet to not be influenced by the reactions of other countries and to keep moving forward in implementing the downstream policy.

The downstream mining industry is an important aspect in pushing Indonesia from a developing to a developed country.

"Sued at the WTO (World Trade Organization), we lose, but we keep going, because this is what will help our country to become a developed country, for our country. Do not think our country will become a developed country if we are afraid to downstream the raw materials that exist in our country," Jokowi stated.

Other attendees accompanying the president at the event were Coordinating Minister for Economic Affairs Airlangga Hartarto, Coordinating Minister for Maritime and Investment Luhut Binsar Pandjaitan, and Minister of State-Owned Enterprises (BUMN) Erick Thohir.

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Translator: Cindy Frishanti Octavia
Editor: Sri Haryati
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