Minister Confirms Indonesia Will Stop Exporting Tin, Bauxite This Year
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18 May 2022 17:13 WIB
TEMPO.CO, Jakarta - Minister of Investment and Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia ensured that the government would ban the export of bauxite and tin this year. The policy was decided as part of the government's effort to develop the domestic downstream mineral industry and raise the added value of mining commodities.
Bahlil said that Indonesia's export ban on nickel ores had been proven effective to boost the export of one of the commodity's derivative products, which is stainless steel.
"In 2022, our nickel export only generated US$2 billion. In 2022, the export of downstream nickel, which is stainless steel, has reached US$20 billion," Bahlil said during the Road to G20: Investment Forum on 'Encouraging the Acceleration of Sustainable Investment and Inclusive' in Jakarta today, May 18.
In addition, said Bahlil, the export ban on raw mining and mineral commodities also brings positive impacts to the trade balance, especially with China.
Bahlil said that the nickel and tin export ban was instructed by President Joko Widodo or Jokowi as part of Indonesia's development of new, renewable, and eco-friendly energy-based industries.
The minister added that after nickel and tin, Indonesia will also stop exporting bauxite in raw form. "We will stop bauxite in 2022 and at the end of 2022 we will stop tin exports."
Read: Indonesia Announces Bauxite Export Ban
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