The downstreaming in the nickel sector has significantly boosted the economy. Minister of Investment and Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia stated that the increase has been up to tenfold. This impact is evident from the export profits of nickel derivative products, which rose from USD 3.3 billion in 2017 to USD 33.5 billion in 2023. Indonesia's nickel exports were recorded at USD 3.3 billion in 2017-2018. "Once we stopped, then we built the industry and downstreamed, our exports in 2023 reached USD 33.5 billion, a tenfold increase," explained Bahlil, quoted on Wednesday (31/7).
Processing nickel ore into nickel sulfate has a selling value 11.4 times higher. Meanwhile, cathodes have a selling value 37.5 times higher than nickel ore, and processing nickel ore into battery cells has a selling value 67.7 times higher. The nickel downstreaming program has also made Indonesia one of the world's largest stainless steel producers and a potential country for renewable energy investment development, especially in electric vehicle batteries. "The raw materials for electric vehicles are manganese, cobalt, lithium, and nickel. Indonesia's nickel reserves account for 25% of the world's total nickel reserves," said Bahlil.
