Nickel shows Indonesia how to escape the middle income trap. mining indonesia
Now Southeast Asia’s biggest economy plans to use that blueprint to catapult the nation into the ranks of higher-income economies by processing everything from copper to fish.
The new roadmap to more onshore processing will begin with oil and gas this year, then fisheries. Down the line, Indonesia will only export refined palm oil, coconut products, timber, seaweed and even salt. The government estimates the drive could pull in $545 billion of investment — about half the country’s current nominal GDP.
There are signs the policy could work. The country charted its largest-ever trade surplus last year, with investments rising 44% to a record $80 billion, underpinned by nickel and copper that are mainly found on islands outside Java.“Companies have mined nickel there for decades, but it’s only now that we see this massive growth,” said Lahadalia. “With growth, comes jobs. People don’t have to go to Java anymore to look for good jobs.
There are also legal risks. The World Trade Organization recently ruled in favor of the European Union’s protest against the ban on nickel ore exports. Jokowi has vowed to appeal the ruling and refused to change his policy.
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