JAKARTA, Dec. 21 (Xinhua) -- Indonesia plans to ban bauxite ore exports starting from June 2023, said Indonesian President Joko Widodo on Wednesday.
This policy is "to create more jobs in the country, increase our foreign exchange and more equitable economic growth," said Widodo in a press conference.
The government estimates that downstream bauxite-related manufacturing business will boost the state revenue from 21 trillion rupiahs (around 1.35 billion U.S. dollars) to 62 trillion rupiahs (around 3.98 billion dollars).
The World Trade Organization last month ruled in favor of the European Union in a lawsuit over Indonesia's policy of banning nickel ore exports in January 2020.
According to Widodo, this policy boosted Indonesia's revenue from the nickel sector from 1.1 billion dollars in 2014 to 20.9 billion dollars in 2021, and it is expected to record 30 billion dollars this year. ■