Latest news with #MINDID
The Star
29-04-2025
- Business
- The Star
Mining companies court US investments
Trade relations: Crane operators unload a container from a truck at the International Container Terminal at Tanjung Priok Port in Jakarta. The government is being asked to reduce complicated bureaucracy to improve the attractiveness of investment. — AP JAKARTA: Mining state-owned enterprises (SOEs) are looking at partnerships with United States firms, which they hope could help Indonesia navigate US tariff policies, while seeking the investments needed to build downstream projects in the archipelago. State mining holding company MIND ID said it would offer an electric vehicle (EV) battery project, dubbed the Indonesia iGrand Package, to US investors after South Korea's LG Energy Solution, one of the early backers of the project, decided to exit the venture. The move aligns with recent efforts to balance trade relations with Washington, MIND ID's portfolio and business development director Dilo Seno Widagdo said. Mutya Yustika, an energy economist at the Institute for Energy Economics and Financial Analysis, said Indonesia should address several challenges in improving the investment climate to secure foreign direct investment. 'Although Indonesia has great potential in mining downstream projects, attracting investors in general remains a challenge because the project has a fairly high investment risk,' she said. Mutya stressed the importance of addressing complicated bureaucracy and regulatory uncertainty to improve the country's attractiveness as an investment destination. 'Strengthening the environment, social and governance regulations is also critical to attract investors and sustain downstream projects in the country.' Putra Adhiguna, managing director of the Energy Shift Institute, said that the success of these initiatives hinged on the commercial viability of the projects and good management practices within the SOEs. The government needs to introduce reform to its regulations and legal certainty before more local companies, particularly SOEs, look for partnerships with US companies in developing the domestic downstream industry. Indonesia Battery Corp's (IBC) commercial and marketing vice-president, Bayu Hermawan, said the state-owned battery company has spent the last two to three years engaged with various potential investors, including US firms, to join the megaproject. 'We are still exploring the value propositions that both sides can offer,' Bayu said on the sidelines of the RE Invest Indonesia 2025 forum. In addition to the United States, IBC is in discussions with potential partners from Europe, Australia, Japan and China. The search for new investors marks a critical juncture for Indonesia's EV ambitions as it seeks to build a robust domestic supply chain and position itself as a global EV manufacturing hub. LG announced on April 21 that it would withdraw from the Indonesia Grand Package project, citing factors such as market conditions and the investment climate as the reason behind the withdrawal. The South Korean company had originally planned to invest about US$2bil and comply with local rules, including domestic content, to support Hyundai's Ioniq Electric. Experts had previously suggested LG's departure may be due to the Indonesian market being seen as already dominated by Lithium Iron Phosphate (LFP) batteries, which does not contain nickel, the key commodity in the Grand Package battery project. LFP batteries are predominantly used by Chinese EV companies that also dominate the local electric vehicle market. Centre of Economic and Law Studies executive director Bhima Yudhistira said on Monday that Indonesian minerals have the potential to become leverage in dealing with US tariffs. He cited nickel that the United States can source from Indonesia after Washington barred American firms from procuring Russian nickel following the invasion of Ukraine. 'The government could facilitate SOEs and local firms to partner with the United States, including in smelting businesses, but this should also come with commitments to improve domestic mining standards to meet the demand from US buyers, such as environmental and workers' safety concerns.' — The Jakarta Post/ANN
Zawya
21-04-2025
- Business
- Zawya
Saudi minister concludes Indonesia visit with new partnerships in mining and industrial sectors
JAKARTA — Minister of Industry and Mineral Resources Bandar Al Khorayef has concluded an official visit to Indonesia aimed at advancing bilateral trade and fostering deeper cooperation across the mining and industrial sectors. The visit included a series of high-level meetings with senior Indonesian officials, notably Agus Gumiwang Kartasasmita, Minister of Industry; Bahlil Lahadalia, Minister of Energy and Mineral Resources; Rosan Perkasa Roeslani, Minister of Investment and Downstream Industry; Erick Thohir, Minister of State-Owned Enterprises; Hashim S. Djojohadikusumo, Special Envoy for Climate and Energy Transition; and Sukatmo Padmosukarso, Executive Director of Indonesian Exim Bank. Discussions focused on expanding trade and investment opportunities, accelerating downstream industrial development, and leveraging expertise in mining and manufacturing to support economic diversification in both nations. Al Khorayef also met with leading Indonesian business figures and corporations, including pharmaceutical producer BioPharma, food and beverage giants Mayora Indah and Indofood Sukses Makmur, and mining leaders such as Mining Industry Indonesia (MIND ID) and PT Vale Indonesia. These engagements explored joint ventures, technology transfer, and knowledge-sharing opportunities. The Saudi delegation visited major industrial and research institutions, including MIND ID and PT Vale headquarters, the National Research and Innovation Agency (BRIN), and Pusat Industri Digital Indonesia 4.0. Al Khorayef chaired a workshop for mining investors and a roundtable with private sector leaders focused on industrial partnerships. Key outcomes of the visit included the signing of a Memorandum of Understanding (MoU) between Saudi Arabia and Indonesia to strengthen collaboration in critical minerals development and processing—particularly nickel, cobalt, and copper. A second MoU was signed between Saudi EXIM Bank and its Indonesian counterpart to boost trade and exports in the industrial and mining sectors. Both countries are pursuing ambitious transformation agendas. Indonesia, Southeast Asia's largest economy, ranked 12th globally in Manufacturing Value Added (MVA) in 2023, reaching $255 billion. Saudi Arabia, ranked as the world's second-fastest-growing economy by the IMF in 2025, continues to advance its Vision 2030 goals, with major emphasis on industrial expansion and mineral exploitation—estimated at $2.5 trillion in untapped resources. Bilateral trade between the two countries remains strong, with non-oil trade reaching $3.18 billion in 2023. The two nations have signed agreements in renewable energy, infrastructure, halal production, and youth development, and continue to align strategically in developing clean energy supply chains and industrial resilience.
Saudi Gazette
18-04-2025
- Business
- Saudi Gazette
Saudi minister concludes Indonesia visit with new partnerships in mining and industrial sectors
Saudi Gazette report JAKARTA — Minister of Industry and Mineral Resources Bandar Al Khorayef has concluded an official visit to Indonesia aimed at advancing bilateral trade and fostering deeper cooperation across the mining and industrial sectors. The visit included a series of high-level meetings with senior Indonesian officials, notably Agus Gumiwang Kartasasmita, Minister of Industry; Bahlil Lahadalia, Minister of Energy and Mineral Resources; Rosan Perkasa Roeslani, Minister of Investment and Downstream Industry; Erick Thohir, Minister of State-Owned Enterprises; Hashim S. Djojohadikusumo, Special Envoy for Climate and Energy Transition; and Sukatmo Padmosukarso, Executive Director of Indonesian Exim Bank. Discussions focused on expanding trade and investment opportunities, accelerating downstream industrial development, and leveraging expertise in mining and manufacturing to support economic diversification in both nations. Al Khorayef also met with leading Indonesian business figures and corporations, including pharmaceutical producer BioPharma, food and beverage giants Mayora Indah and Indofood Sukses Makmur, and mining leaders such as Mining Industry Indonesia (MIND ID) and PT Vale Indonesia. These engagements explored joint ventures, technology transfer, and knowledge-sharing opportunities. The Saudi delegation visited major industrial and research institutions, including MIND ID and PT Vale headquarters, the National Research and Innovation Agency (BRIN), and Pusat Industri Digital Indonesia 4.0. Al Khorayef chaired a workshop for mining investors and a roundtable with private sector leaders focused on industrial partnerships. Key outcomes of the visit included the signing of a Memorandum of Understanding (MoU) between Saudi Arabia and Indonesia to strengthen collaboration in critical minerals development and processing—particularly nickel, cobalt, and copper. A second MoU was signed between Saudi EXIM Bank and its Indonesian counterpart to boost trade and exports in the industrial and mining sectors. Both countries are pursuing ambitious transformation agendas. Indonesia, Southeast Asia's largest economy, ranked 12th globally in Manufacturing Value Added (MVA) in 2023, reaching $255 billion. Saudi Arabia, ranked as the world's second-fastest-growing economy by the IMF in 2025, continues to advance its Vision 2030 goals, with major emphasis on industrial expansion and mineral exploitation—estimated at $2.5 trillion in untapped resources. Bilateral trade between the two countries remains strong, with non-oil trade reaching $3.18 billion in 2023. The two nations have signed agreements in renewable energy, infrastructure, halal production, and youth development, and continue to align strategically in developing clean energy supply chains and industrial resilience.
Arab News
16-04-2025
- Business
- Arab News
Saudi industry minister visits Indonesia for critical minerals cooperation talks
JAKARTA: Saudi Arabia's Industry and Mineral Resources Minister Bandar Al-Khorayef held talks with his Indonesian counterparts in Jakarta on Wednesday, as the two countries explore cooperation in critical minerals and other key resources driving the global energy transition. Indonesia is the world's largest source of nickel and has rich deposits of other minerals, such as copper and bauxite. Its mining sector makes a significant contribution to the economy, accounting for about 11.9 percent of GDP in 2023. Al-Khorayef arrived in the Indonesian capital for a three-day visit on Tuesday and his delegation is meeting both officials and top industry executives. 'We discussed ways to enhance industrial cooperation and expand partnerships between private-sector entities in the two countries, in addition to reviewing investment opportunities and the Kingdom's goals to become an industrial and logistics hub in the region,' he said in a post on X, after talks with Indonesia's Industry Minister Agus Gumiwang Kartasasmita and State-Owned Enterprises Minister Erick Thohir. Tohir also took to social media to highlight the focus of the planned partnerships. 'State-owned enterprises in mining, communications infrastructure, banking and renewable energy sources are the priority of our discussions and the cooperation we will forge,' he wrote on X. Trade and investment relations between Saudi Arabia and Indonesia have been on the rise. Non-oil trade was worth about $3.3 billion in 2024, showing a 14.5 percent increase compared to 2020. 'There's still plenty of room for mutual growth. This is why the Indonesian government welcomes the rising interest of Saudi investors in Indonesia's strategic sectors, including to strengthen the ecosystem of our national industries,' Kartasasmita said. 'Indonesia, with its huge potential in natural resources, market and workforce, and the government's commitment to industrial downstreaming efforts, is opening up vast opportunities for mutually beneficial collaborations,' he said. Al-Khorayef's visit was aimed at attracting more investment to the Kingdom and exploring mutual investment opportunities in mining, food, pharmaceuticals and auto parts industries, in line with Saudi Vision 2030. On his first day in Jakarta, he met Indonesia's special envoy for energy and the environment, Hashim Djojohadikusumo, representatives from Indonesia's state-owned mining industry holding company, MIND ID, and mineral mining company PT Vale Indonesia. 'Indonesia and Saudi Arabia are at a key point in redefining the mineral economy,' MIND ID CEO Maroef Sjamsoeddin said. 'We are ready to explore cooperation opportunities, knowledge exchange and transformational innovation (projects),' he said.
Arab News
16-04-2025
- Business
- Arab News
Riyadh, Jakarta hold talks to strengthen ties in mining sector
JEDDAH: Economic ties between Saudi Arabia and Indonesia are set to deepen as the Kingdom's top minister visits Jakarta to explore investment opportunities and enhance cooperation in the mining and industrial sectors. Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef is leading a high-level delegation to Indonesia from April 15 to 17, aiming to strengthen bilateral business relations and forge strategic partnerships across mining, food, pharmaceuticals, and auto parts industries, the Saudi Press Agency reported. This comes as the Kingdom aims to position mining as a foundational pillar of its industrial economy, with its mineral wealth estimated at SR9.4 trillion ($2.4 trillion). In a post on his X account, Alkhorayef said: 'At the start of my visit to Indonesia, I met with the Special Presidential Envoy for Energy and Environmental Affairs to discuss cooperation in mining and explore opportunities to strengthen bilateral partnerships.' His meeting with Special Envoy Hashim Djojohadikusumo focused on enhancing collaboration in the mining sector. The Indonesian official highlighted promising prospects in the production of strategic minerals, including nickel and copper, according to a statement from the Saudi Ministry of Industry. Alkhorayef emphasized the alignment of Saudi-Indonesian priorities, citing the mining sector's key role in Saudi Arabia's economic diversification under Vision 2030. The Saudi minister also held a meeting with Industry Minister Agus Gumiwang Kartasasmita and Minister of State-Owned Enterprises Erick Thohir. 'During the two meetings, we discussed ways to enhance industrial cooperation and expand partnerships between private sector entities in the two countries, in addition to reviewing investment opportunities and the Kingdom's goals to become an industrial and logistics hub in the region.' Alkhorayef said. As part of his trip, Alkhorayef also visited PT Vale Indonesia Tbk and Mining Industry Indonesia, or MIND ID, to learn about their pioneering efforts in mineral exploration and mining. During these visits, he held discussions with senior executives on ways to boost cooperation in strategic minerals — particularly nickel, cobalt, and copper — while promoting sustainable practices and outlining Saudi Arabia's National Mining Strategy and investor-friendly ecosystem. The talks also focused on strengthening private sector collaboration, attracting investment, and sharing expertise in critical minerals essential to the global energy transition. Technology and innovation were highlighted as key drivers of growth in the mining sector, aligned with broader sustainable development goals. At MIND ID, both sides discussed best practices in mining operations and explored potential partnerships to develop strategic minerals sustainably. Conversations with PT Vale underscored the importance of innovation and technology in shaping the future of mining. Alkhorayef noted that Indonesia's mining achievements align closely with Saudi Arabia's mining strategy, which aims to unlock domestic mineral resources, localize value chains, and position the Kingdom as a global hub for mining investment and innovation. Indonesia ranks among the world's top producers of strategic minerals, including nickel, cobalt, copper, tin, and gold. In 2023, the mining sector contributed 11.9 percent to the country's gross domestic product, underscoring its critical role in the national economy. The country continues to attract international investment focused on developing downstream industries and reinforcing global mineral supply chains — goals that mirror Saudi Arabia's own strategy to localize value chains and maximize its mineral wealth, the ministry's statement added.
