Indonesia targets Rp250 trillion of investment from G20 Presidency

Jakarta (ANTARA) - Investment Minister and Investment Coordinating Board (BKPM) Head Bahlil Lahadalia targets to reach Rp200 trillion-Rp250 trillion in the investment sector during Indonesia's Presidency at the 2022 G20 Forum.

"This is a rough figure and not an exact number. However, we are targeting to reach around Rp200 trillion to Rp250 trillion in the investment sector during the G20," Lahadalia stated at the inauguration of the G20 Trade, Investment, and Industry Working Group (TIIWG) on Tuesday.

The minister highlighted that his side is currently compiling and formulating the detailed figures, so the numbers he mentioned earlier were temporary calculations.

However, he confirmed that one of the sectors that will be encouraged to meet the target is industrial downstreaming. The Indonesian government is currently boosting industrial downstreaming, especially in the mineral and coal downstreaming sectors.

"We are focusing on industrial downstreaming, especially for mineral and coal. Coal will be produced into Dimethyl Ether (DME) and methanol, and nickel will become a key component in batteries as well. There must be at least 70 percent of the added value," he stated.

According to Lahadalia, Indonesia is the only country in the world that is currently building an electric vehicle battery industry from upstream. Indonesia directly utilizes its mineral raw materials and processes them into raw materials for electric vehicle batteries.

"There is no country in the world that has started its battery cell industry from mining. Now, Indonesia is developing the mining sector, smelters, precursors, cathodes, and battery cells," he stated.

The minister addressed that the downstreaming concept applied by Indonesia should be conveyed to the world to demonstrate the country's leading position related to green energy.

"This is becoming our concern, so that the world, especially Europe, will understand the concept of investment from upstream to downstream, and industrial downstreaming in Indonesia," he said.