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Indonesia Continues Downstreaming of Nickel despite Defeat in WTO

November 29, 2022, 09.17 PM

JAKARTA, - Indonesia's Deputy Finance Minister Suahasil Nazara reiterated that Indonesia would continue the development of a downstream processing industry for natural resources to create new sources for economic growth.

Indonesia is determined to continue the process despite its defeat in the World Trade Organization's (WTO's) Dispute Settlement Body against the European Union, which challenged Indonesia's prohibition of nickel ore export.

"We will continue and push for the downstream processing. Will [Indonesia's defeat in WTO] stop this downstreaming? It will not," State News Antara quoted Suahasil at the Wealth Wisdom 2022 event Tuesday, Nov. 29.

Also read: Indonesia Records Trade Surplus of $5.67 Billion in October

Indonesia's defeat in the WTO would instead bolster the government's resolve to advance with the downstream processing, he said.

The deputy minister said that Indonesia, through negotiators appointed on its behalf, would continue to fight for its interests in the downstream processing efforts before the global community.

Indonesia's vast natural resource potential could become a new source of economic growth if managed for the best interests of the people, including through downstream processing, he said.

"What is important is that we continue pushing for downstreaming and we will also manage the sector," Suahasil said.

Also readIndonesia Proposes Nickel Producer Bloc at Canada G20 Talks

To realize new economic potentials through downstream processing, the government is committed to providing various fiscal facilities, including capital investment, the deputy minister stated.

He added that if the activity has proven to benefit national development, the government is ready to provide additional benefits, including tax incentives and import relaxation.

"We will utilize all fiscal tools to encourage downstream of domestic natural resources," he said.

During the working meeting with the Commission VII of the House of Representatives on Monday, Nov. 21, Minister of Energy and Mineral Resources Arifin Tasrif stated that Indonesia intended to appeal the WTO's Dispute Settlement Body verdict deciding in favor of the European Union.

"The government believed that the panel's decision is not legally binding yet, and we still have the opportunity to appeal the verdict," the minister said.

Source: State News Antara

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