Jakarta. Indonesia’s new export body vows to keep contract data a secret, as businesses have begun to report their sales to this agency.

President Prabowo Subianto has decided to have the country take control of shipments of key commodities, starting with palm oil, coal, and ferroalloys. Starting from Monday, the government has required exporters to report their sales documents to Danantara Sumberdaya Indonesia (DSI), an entirely new body under the sovereign fund Danantara. DSI’s task will eventually grow into handling the entire export process, including shipments and payment settlements with the foreign buyers, by early 2027. 

As the new trade regime kicks in, Danantara rolled out a statement, saying they would protect the contracts’ confidentiality in an attempt to build confidence among existing or future clientele.

“DSI is fully committed to safeguarding the confidentiality of all commercial information and contractual terms it obtains,” a statement by Danantara’s management reads.

Danantara also went on to say that businesses may continue to carry out existing signed contracts “provided there is no under-invoicing”. The government had repeatedly defended the decision as a way to prevent businesses from under-reporting their export volumes, as Indonesia had lost around $908 billion over the past three decades of rampant under-invoicing. 

“Accordingly, businesses that are already implementing sound export practices will not face obstacles in conducting their business, thereby ensuring legal certainty and a conducive business climate,” Danantara said.

Mining giant Harita Nickel has started to report its sales of ferronickel -- a type of ferroalloy -- to DSI. Harita Nickel president director Roy Arman Arfandy told the press on Wednesday that the company had to “fill in a form and use an app” for the reporting needs. 

“We don’t export every day because that depends on the schedule of the ships. I’m also keeping an eye on our operational team. So far, there shouldn’t be any problem,” Roy said.