Cabinet Secretary: Industry Downstreaming Has Multiplier Effect on Indonesia’s Economy

By Office of Assistant to Deputy Cabinet Secretary for State Documents & Translation     Date 27 Juli 2023
Category: News
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Cabinet Secretary Pramono Anung as the keynote speaker in a meeting of Strengthening National Values for IA-ITB and BPJS Ketenagakerjaan of 2023, at Lemhannas Hall, Jakarta, Thursday (07/27). (Photo by: Cabinet Secretariat PR/Agung)

Cabinet Secretary Pramono Anung affirmed that it is important to continue industry downstreaming program for Indonesia’s economy, among others, to increase foreign exchange reserves.

Cabinet Secretary as the keynote speaker made the statement during a meeting of Strengthening National Values for Institut Teknologi Bandung Alumni Association (IA-ITB) Batch III and Social Security Agency for Employment (BPJS Ketenagakerjaan) of 2023, at the National Resilience Institute (Lemhannas), Jakarta, Thursday (07/27).

“For instance, nickel, the multiplier effect on our income in this sector is incredible. No one imagined that our foreign exchange reserves today reach USD139 billion, which was unprecedented,” Cabinet Secretary said.

Cabinet Secretary expressed belief that downstreaming industry and establishing electric vehicle (EV) ecosystem will be a big leap for Indonesia since the country has abundant natural resources.

“If we continue to carry out the downstreaming program, it will be a big breakthrough for us, especially if we can dominate EV battery industry, become the major player, because we have the basic materials, especially nickel and lithium,” he explained.

Besides, Pramono Anung also emphasized the importance of establishing Nusantara Capital (IKN) for the advancement of Indonesian nation.

“It will be a new beginning for Indonesia to be a big and respectful nation,” he remarked.

He further explained that establishing IKN is not only about the physical construction, but also it is a Government’s effort to build a new civilization on new culture, work ethics, spirit, and system.

Cabinet Secretary revealed that as Government’s priority program, IKN establishment has drawn interests of potential investors because of Indonesia’s good economy, stable politics and democracy.

Therefore, Cabinet Secretary highlighted the importance of maintaining political stability in the country, as the nation is approaching the year of politics 2024, in which the country will hold general elections.

“We are approaching the year of politics, we may vote for different candidates, but what is most important is to maintain the unity, open communication, and solidarity. They will be our strength,” he remarked. (TGH/MAY/KS/FID/UN)(AW/MUR)

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