Jakarta. Indonesia aims to form a bourse dedicated to critical minerals and other strategic commodities on Jan. 1, 2027, as the resource-rich nation wants to set its own price.

In Friday’s annual budget speech, President Prabowo Subianto endorsed the creation of the exchange, citing that this could pave the way for an “Indonesian reference price” for its leading commodity exports. Prabowo had spent the day complaining about how Indonesia ironically had not had much say in the prices of its commodities despite being a major producer of nickel, coal, and palm oil, to name a few.

“The price of our natural wealth that is coming out of our soil and sweat is too often determined by other countries and foreign bourses. They don’t even own those commodities: how dare they decide the price?” Prabowo told a room full of lawmakers and cabinet ministers.

The ex-army general threatened foreign buyers that they would have no choice but to accept whatever reference price that Jakarta declares.

“If they don’t agree with the price, then don’t buy them. Just let the Indonesian commodities, nickel, tin, and gold left untouched underground for our kids and grandchildren,” Prabowo said. 

“But, of course, we understand market mechanisms. If the price is too high, it doesn’t make sense. The important thing is the exchange is based in Indonesia.”

He called on the parliament to get to work on the bourse immediately, while setting a target to have the rules by Sep. 17.

The Financial Services Authority (OJK) will oversee the bourse. OJK boss Friderica Widyasari had recently revealed that the watchdog would have another commissioner in charge of this exchange. The candidate — a Prabowo nominee — is subject to lawmakers’ approval, according to media reports.

Prabowo framed the bourse proposal as “the next step” of Indonesia’s one-gate foreign trade regime. Prabowo has ordered a centralization of Indonesia’s key commodity exports. Shipments of coal, ferroalloys, and palm oil now have to go through the months-old Danantara Sumberdaya Indonesia (DSI).  Earlier that day, he unveiled plans to expand DSI’s scope to “all strategic commodities”, without disclosing more details.

Indonesia commands the world’s largest reserves of nickel, a mineral key for electric vehicle (EV) battery manufacturing. The archipelagic country also reigns supreme in palm oil production.

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