Not Just a Producer, Prabowo Wants Indonesia to Help Set Global Commodity Prices

President Prabowo Subianto has highlighted Indonesia’s position as a major global producer of various essential commodities. He stated that the country should not merely be a producer but must also play a role in determining the prices of commodities that have long been traded in foreign markets.

This was conveyed by Prabowo during his speech at the Annual Session of the People’s Consultative Assembly, House of Representatives, and Regional Representatives Council at the Parliamentary Complex in Senayan, Jakarta, on Friday, 14 August 2026. On that occasion, Prabowo discussed the continuation of the one-door export policy and the government’s plan to establish a strategic mineral and commodity exchange.

Prabowo noted that for decades, Indonesia has been one of the world’s major producers of various essential commodities, including palm oil, nickel, tin, coal, gold, coffee, and rubber. However, he criticised the current situation where the prices of commodities originating from Indonesian resources are determined abroad. “They who do not have these commodities, how can they determine the price of these commodities? This is unreasonable. I do not understand where this kind of economics is taught. We own the goods, but others determine the price,” Prabowo stated.

According to Prabowo, this condition must change. Indonesia needs to have its own trading instruments so that its position as a producer is accompanied by the ability to establish price benchmarks.

To realise this, the government plans to operationalise a strategic mineral and commodity exchange in Indonesia. This exchange will be under the supervision of the Financial Services Authority (OJK). Prabowo conveyed that the government, together with the House of Representatives, will prepare the necessary regulations to ensure the exchange can commence operations promptly. The government has set a specific target, planning for Indonesia to have its own commodity exchange starting from 1 January 2027.

Furthermore, the government has requested that the provisions regarding the operation of the mineral and commodity exchange be discussed immediately by the House of Representatives and enacted as soon as possible. In addition to building the exchange, Prabowo also put forward the idea of creating an Indonesia Reference Price, a domestic price benchmark for the country’s main export commodities.