Indonesia plans export ban on tin, bauxite, gold, copper in mid-2023
Time:Thu, 27 Jan 2022 09:13:51 +0800
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In order to accelerate industrial development, Indonesia, the world’s raw materials giant, planned to ban exports of unprocessed minerals, including tin, bauxite, gold, and copper by mid-2023.
These raw materials are important for global industries. Therefore, if the ban is implemented, some industries, such as electric vehicles and advanced semiconductors, will be seriously impacted.
Indonesian President Joko Widodo said that Indonesia’s economy will grow greatly if the country starts the development of raw materials, stimulates downstream investment, and exports more high-value-added commodities.
The president also said that if the exporting activities of minerals are stopped and the downstream industries are developed, Indonesia’s GDP will triple in 2030.
