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TEMPO.CO, Jakarta - Indonesia’s Minister of Investment and Downstreaming, Rosan Perkasa Roeslani, said Indonesia’s economic growth target of 8 percent must be pursued through downstreaming and investment.
Rosan said he would rely on downstream to add value and create domestic industrialization.
"Investment will play a very important role," Rosan, who is also the head of the Investment Coordinating Board (BKPM), said at the Indonesia-Europe 2024 Investment Summit held at the Ministry of Investment and Downstreaming/BPKM office on Monday, December 9, 2024.
Rosan said his ministry also focuses on five to six commodities out of the 28 offered to investors. The five commodities include minerals and coal, plantations, fisheries and forestry, and others.
Meanwhile, the 28 downstream commodities comprise coal, nickel, tin, copper, bauxite, stacy iron, gold silver, lead asphalt, sand, manganese, cobalt, metals, petroleum, natural gas, palm oil, coconut, rubber, biofuel, logs, pine resin, shrimp, fish, crab, seaweed, salt, nutmeg, chocolate, and tilapia.
"We will select five or six that have potential. It will greatly impact our economy and our people," he said.
At the moment, Rosan said, his ministry has also identified investors based on their countries of origin to work on the commodities. "We are very open to productive discussions with the European Union on how we can move forward and work together in our downstream communities."
At the Indonesia-Europe Investment Summit 2024, Rosan Roeslani said that the potential for new renewable energy in Indonesia reaches 3,700 gigawatts from solar, hydropower, bioenergy, geothermal, wind, and ocean waves. Therefore, Rosan invited countries in Europe to cooperate and manage this energy source.
He underlined how Indonesia cannot work alone in managing new renewable energy. "We need support from foreign parties. Because in order to activate this potential, we need financing, technology, and skilled workers," the minister said.
Rosan said the meeting was not only about investment opportunities but also about retaining existing investors. According to the minister, Indonesia should not only invite new investments but also keep existing investors and maintain good relations with them.
"In fact, it is they, who have spent billions of dollars here, that we must pay attention to and prioritize," he said.
Rosan had said that the government was boosting investment in various sectors, including doubling or even tripling investment in renewable energy over the next few years.
To attract investors, he said the government will continue to work on simplifying regulations and aligning policies between central and regional governments to make the approval process more efficient and investor-friendly. In addition, he said, the government will also strengthen cooperation between institutions to achieve these goals.
"Downstreaming is one of the keys to a sustainable energy transition, and we need the participation of international financial institutions and carbon markets to achieve this goal," Rosan said at the Indonesia-UK Climate and Green Finance Meeting at the London Stock Exchange, as quoted from his written statement on November 22.
At the meeting, Rosan invited British investors to put money into Indonesia's new renewable energy sectors. He said the government seeks to promote the use of NRE resources domestically in a bid to reduce dependence on fossil-based energy.
Meanwhile, Rosan Roeslani also said that the actualized investments between January and September 2024 stood at Rp1,261.43 trillion, equivalent to 76.45 percent of the set target of Rp1,650 trillion.
"If you look at the strategic plan of Bappenas, we have exceeded it because the designated target is Rp1,239.3 trillion," Rosan said in a working meeting with the House of Representatives' Commission XII in Senayan on Tuesday, December 3.
Hammam Izzudin and Oyuk Ivani contributed to the writing of this article.
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