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North Maluku nets Rp55 trillion of investment for downstreaming
WINDONESIA December 12, 2024
Illustrative photo of factory work in downstreamed industries. (Antara/Andri Saputra)
Energy and Mineral Resources Deputy Minister Yuliot Tanjung said that the natural resources downstreaming program in North Maluku Province has proven to boost the regional economy.
"North Maluku is an example of a successful downstreaming program. Previously [the province mostly] exports raw materials. [Now] with downstreaming it produces [processed] nickel and cobalt. In the January-September 2024 [period], the investment that entered the downstreaming framework in North Maluku was about Rp55 trillion," he said in Ternate City, North Maluku on Oct. 30, 2024.
The positive investment trend from downstreaming activities has also had an impact on regional economic growth. North Maluku became the region with the highest regional economic growth in the world in 2023 with 20.49 percent growth. The province's economic growth rate was even higher in 2022 at 24 percent.
Yuliot ensured that the government's downstreaming commitment would continue by encouraging further development of manufacturing ventures.
"The Energy and Mineral Resources Ministry has mapped out 'industrial trees' that could have more in depth downstream process. [The process] will go beyond one stage into two, three, and even four stages so that the added value achieved greater, especially in North Maluku," he said.
In addition to focusing on increasing the added value of commodities, Yuliot emphasized that the downstream commitment will also involve business actors in the region.
"So don't just let big (companies) enter without the involvement of business actors in the region, (this) will answer the increasingly unequal economic conditions in the region," Yuliot claimed.
Source: industri.kontan.co.idRelated Articles
