JakartaGlobe-May 20
Nickel-rich Indonesia on Saturday’s G7 Summit in Hiroshima proposed the establishment of an OPEC-like organization for the silvery metal. The OPEC, which Indonesia was once a member of, is short for the Organization of the Petroleum Exporting Countries. OPEC says it aims to coordinate the petroleum policies of its member states and keep markets stable to secure regular supply for consumers. And Indonesia wants a similar cartel for nickel-producing countries.
“I hope G7 countries can become a partner in this industrial downstream. It is time to establish an OPEC-like group for other products such as nickel and palm oil,” Jokowi said at the G7 Summit, as quoted by the Presidential Secretariat. Indonesia has been working on developing its downstream industries, meaning that the country would process or purify raw materials —such as nickel— first at home before exporting them for added value. At the G7 Summit, Jokowi took the opportunity to promote win-win partnerships. Jokowi told the attending leaders that global south countries should not remain an exporter of raw materials as the world is no longer in the colonial era. Nickel is critical for the production of electric vehicle batteries. The US Geological Survey shows that Indonesia and Australia are tied for having the world’s largest nickel reserves. Read more at:
https://jakartaglobe.id/news/indonesia-proposes-opeclike-group-for-nickel-at-g7-summit
