Indonesia aims to attract 17 billion USD in investment from G20 Presidency

Screenshot of Indonesia Minister of Investment and head of the Investment Coordinating Board Bahlil Lahadalia during the inauguration of the G20 Trade, Investment, and Industry Working Group (TIIWG) on February 8. (Photo: ANTARA/VNA)

Jakarta (VNA) – Indonesia targets 200-250 trillion rupiah (13.9-17.4 billion USD) in investment during its presidency at the 2022 G20 forum, the country’s Investment Minister and Investment Coordinating Board (BKPM) Head Bahlil Lahadalia has said.

Speaking at the inauguration of the G20 Trade, Investment, and Industry Working Group on February 8, he said that his ministry was currently compiling and formulating the detailed figures, so the numbers 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.
 
Coal will be produced into Dimethyl Ether (DME) and methanol, and nickel will become a key component in batteries as well, he said. It is expected to bring about at least 70 percent of the added value.
 
According to Lahadalia, Indonesia is the only country in the world that is currently building an electric vehicle (EV) battery industry from upstream by directly mining and processing minerals into raw materials for EV batteries.

He affirmed that no country in the world has started its battery cell industry from mining, adding that Indonesia is developing the mining sector, smelters, precursors, cathodes, and battery cells.

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