Indonesia: Luhut is confident seaweed downstream follows Nickel, aims for exports of IDR 304 trillion

Published May 22, 2024

Tridge summary

Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, has bold plans to elevate downstream seaweed exports to a level equivalent to nickel, potentially contributing significantly to Indonesia's economy. By 2033, he aims for seaweed exports to reach US$ 19 billion, aligning with the projected growth of the global seaweed market. To achieve this, he has requested the Minister of Maritime Affairs and Fisheries to establish a larger pilot project, which he views as a promising venture for the next president and a source of job opportunities for coastal communities.

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Original content

Badung, CNBC Indonesia - Coordinating Minister for Maritime Affairs and Investment (Menko Marves) Luhut Binsar Pandjaitan believes that exports from downstream seaweed can compete with downstream exports of nickel, where downstream nickel exports themselves have now become the backbone of the Indonesian economy. "Now nickel downstreaming is the backbone of our economy, and seaweed will also be like this. I think we can contribute more (by downstreaming seaweed), because the number of employees is much greater than nickel downstreaming," said Luhut at the Merusaka Nusa Hotel Dua, Bali, Wednesday (22/5/2024). If we look back, he said, in 2014 Indonesia's exports were only at the level of US$ 1.5 billion, while in 2023 the value of Indonesia's exports has soared to US$ 34 billion. He also targets that Indonesia can export downstream seaweed of US$ 19 billion or the equivalent of IDR 304.26 trillion (assuming an exchange rate of IDR 16,014/US$) in 2033. "Seaweed is the future of ...

Source: Cnbcindonesia