Indonesia Must Avoid Repeating Raw Commodity Exploitation Mistakes, Says Investment Minister
Indonesia must avoid the mistake of exploiting raw commodities and instead focus on downstream processing for sustainable economic growth. Investment Minister Bahlil emphasised that government policy must centre on creating quality employment and prosperity through natural resource management.
Jakarta — Investment Minister and Head of the Investment Coordinating Board (BKPM), Bahlil Lahadalia, stressed that Indonesia must not repeat past mistakes of merely exploiting raw commodities. That error was even paid for with Indonesia's departure from the Organisation of the Petroleum Exporting Countries (OPEC).
"We once had oil wealth. We were once a member of OPEC. Now we are no longer part of OPEC — why?" said Bahlil during a public lecture at Lambung Mangkurat University, Banjarbaru, quoted on Friday (3 May 2024).
"Because our oil consumption is 1.5 million barrels per day. Our production is only 625,000 barrels per day. We import 870,000 barrels per day. We are now an oil importer," he added.
Jakarta — Investment Minister and Head of the Investment Coordinating Board (BKPM), Bahlil Lahadalia, stressed that Indonesia must not repeat past mistakes of merely exploiting raw commodities. That error was even paid for with Indonesia's departure from the Organisation of the Petroleum Exporting Countries (OPEC).
"We once had oil wealth. We were once a member of OPEC. Now we are no longer part of OPEC — why?" said Bahlil during a public lecture at Lambung Mangkurat University, Banjarbaru, quoted on Friday (3 May 2024).
"Because our oil consumption is 1.5 million barrels per day. Our production is only 625,000 barrels per day. We import 870,000 barrels per day. We are now an oil importer," he added.