Speaking at a public lecture at the State Institute of Public Administration (IPDN) in Sumedang, West Java, on Thursday (11/7/24,) Indonesia’s Investment Minister, Bahlil Lahadalia, stressed that the administration’s downstreaming policy serves as an instrument to boost state revenue in efforts to achieve the vision of a Golden Indonesia 2045, according to reporting from Antara News.
In his speech, Lahadalia highlighted the importance of creating added value for Indonesian products.
“We aim to create added value to create job opportunities, which, in turn, are expected to support downstreaming efforts, boost state revenue, and increase the wages of workers, including civil servants,” he said, adding that prior to the implementation of the downstreaming policy in 2017, the value of Indonesia’s nickel exports was just USD 3.3 billion, but in 2023 this had risen significantly to USD 33.8 billion, because of downstreaming.
Lahadalia also said that the Ministry of Investment has devised designs for implementing the policy in the sectors of oil and gas, mineral and coal, plantation, fisheries, forestry, and agriculture, reports Antara News.
The minister added that his side has been striving to ensure that local entrepreneurs are involved in investment projects in regions.
Antara News says that he then encouraged cadets and alumni of IPDN to help people in their hometowns become business actors capable of stimulating the economy of their regions.
Meanwhile, IPDN rector Hadi Prabowo explained that downstreaming constitutes a process that aims to realize sustainable economic transformation by focusing on attaching higher values to commodities.
“Downstreaming is expected to increase productivity and added value, allowing us to boost the value of industrial supply chains and protecting our commodities from price volatility,” he said.
Source: Antara News
Stock image by Peter H from Pixabay
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