Jakarta. President Joko "Jokowi" Widodo said on Saturday that the export value of nickel has experienced a remarkable 17-fold increase since the government's ban on the sale of unprocessed nickel ores in 2020.

During a gathering with his supporters at Salak Hotel in Bogor, the president lauded the effectiveness of the downstream processing policy in significantly boosting added value and state revenue.

"The export value surged from Rp 30 trillion when we were only selling raw ores to Rp 510 trillion ($33.2 billion) from processed nickel. This substantial increase has significantly contributed to government revenue through royalties, taxes, and export duties," Jokowi said.

He said this increase in state revenue has been instrumental in supporting rural development, food procurement for social assistance programs, and infrastructure projects.

Jokowi acknowledged that the downstream processing policy was met with resistance from long-time nickel importers like the European Union, leading to disputes raised at the World Trade Organization.

"European countries expressed their displeasure because they used to benefit from the added value of our nickel, but now we are retaining that added value," Jokowi said.

The president reiterated his previous plan that similar policies would be implemented for other key commodities such as copper, bauxite, and tin. 

He said that if Indonesia successfully establishes itself as a regional hub for the electric vehicle industry which depends on those mining products, the country will play a pivotal role in the global supply chain.