November 20, 2019 / 10:39 AM / 3 months ago

Indonesia president: domestic processing of resources to resolve deficit problem

JAKARTA, Nov 20 (Reuters) - Indonesian president Joko Widodo said on Wednesday the govnerment’s policy of processing natural resources at home will end the country’s current account deficit problem within three years.

Indonesia has had persistent current account deficit since late-2011. Last year’s current account deficit was equal to 3% of gross domestic product.

“I’ve calculated that if all (natural resources) move toward downstream industry, making intermediate products or end products, the current account deficit can be solved within three years,” Widodo told a mining industry event.

He mentioned Indonesia’s plan to expand the nickel processing industry and urged miners to process more minerals at home, such as bauxite and coal.

Reporting by Wilda Asmarini Writing by Fransiska Nangoy Editing by Andrew Heavens

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