Luhut Binsar Pandjaitan, Indonesia's Coordinating Minister for Maritime Affairs and Investment, indicated that Indonesia is too big to depend on any other countries, but they would like to cooperate with other countries to develop downstream industries, including end-to-end EV supply value chain.

Luhut visited Chine recently and was impressed by its advanced technology and large research fund. The Indonesian government's plan for an end-to-end EV value chain involves a lot of participators, including Chinese battery manufacturer CATL and South Korean LG Energy Solution.

Luhut said the ban on nickel ore makes Indonesia become of the high-income countries. In 2022 and the first four months of 2023, Indonesia exported amounts of US$33.8 billion and US$11 billion on nickel-processed products, respectively. Luhut said it is the result of the policy to ban raw nickel material and develop the nickel processing industry.