President Joko "Jokowi" Widodo is confident that Indonesia can dominate up to 85 percent of the global nickel market through a partnership with the United Arab Emirates (UAE).
President Jokowi held a bilateral meeting with UAE President Mohamed bin Zayed Al Nahyan (MBZ) at Qasr Al Watan, Abu Dhabi, on Wednesday.
The discussions included comprehensive cooperation in nickel trade, covering all sectors from mining to the production of electric vehicles and their batteries.
"If this succeeds, we expect to control 80 to 85 percent of the global market," President Jokowi said during the opening of the 2024 President’s Cup in Bandung, West Java, on Friday.
He also mentioned that the government is engaging in similar discussions with two other countries.
"There are two more countries that we are approaching," Jokowi added.
In addition to nickel trade cooperation, President Jokowi discussed establishing a financial center in the new capital, Nusantara (IKN), during his visit.
Indonesia plans to study and replicate the system managed by the Dubai International Financial Center Authority.
"We have signed an MoU, meaning we expect the financial center in IKN to be established and operational soon," he concluded.
Indonesia has stopped exporting unprocessed nickel to encourage domestic processing. The government hopes this ban will attract foreign businesses to set up factories in Indonesia. According to the 2024 US Geological Survey report, Indonesia has the world’s largest nickel reserves, totaling 55 million metric tons.
Earlier this month, Indonesia launched Southeast Asia’s first and largest EV battery cell plant in Karawang, West Java. This project is part of HLI Green Power, a joint venture by South Korean automaker Hyundai, Seoul-based battery manufacturer LG Energy Solution, and local firm Indonesia Battery Corporation (IBC). Hyundai is also producing its EV model Ioniq 5 at its Cikarang manufacturing plant.
