Jakarta, Indonesia — Indonesian President Prabowo Subianto on Thursday launched 11 Chinese-backed downstream industrial projects worth an estimated $10.2 billion at the Weda Bay Industrial Park in Central Halmahera, North Maluku province.
Prabowo also witnessed the first export of electric vehicle (EV) batteries produced by Chinese companies at the industrial park, marking a significant development in Indonesia’s efforts to expand its EV industry and strengthen domestic processing of natural resources.
He described the battery export as “a notable milestone” in the government’s downstreaming policy, which aims to increase the value of the country’s natural resources through domestic processing and manufacturing.
“This is concrete proof that our downstreaming policy is on the right track, and we will continue to advance it to the fullest extent possible,” Prabowo said.
According to the president, cumulative investment in the Weda Bay Industrial Park has exceeded $20 billion, with a further $7 billion planned for future expansion.
The industrial zone has generated more than 100,000 jobs since development began, Prabowo said.
The latest projects are expected to further strengthen Indonesia’s downstream industrial sector, attract foreign investment and support the country’s ambitions to become a major player in the global electric vehicle battery supply chain.
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