Indonesia’s Minister of Energy and Mineral Resources, Bahlil Lahadalia, emphasized that in the future, Indonesia will set the prices for its key commodities—nickel, coal, and tin—given the country's leading position as a producer. He stated that this move aims to maximize the economic benefits for the nation. Speaking at the 2024 Green Initiative Conference in Jakarta on Wednesday, Bahlil stressed Indonesia’s need to lead the ASEAN economy. He pointed out that the country’s decision to stop exporting raw nickel ore has already had a positive economic impact, increasing domestic nickel processing and significantly boosting export value.
In 2017-2018, Indonesia's nickel export value was USD 3.3 billion, but by 2023-2024, it is projected to reach at least USD 40 billion, contributing IDR 600 trillion to the economy. This growth has positioned Indonesia as the world's largest nickel downstream industry exporter. Bahlil further highlighted that Indonesia’s success strengthens its standing among major global markets, such as China, Europe, and the US. While challenges remain in mastering technology and market control, Bahlil reiterated that setting commodity prices would enhance Indonesia’s economic goals and reduce reliance on foreign markets.
