Jakarta (ANTARA) - President Prabowo Subianto announced that a slate of downstreaming projects valued at US$6 billion will break ground within weeks.
During the launch of the Refinery Development Master Plan (RDMP) project at Refinery Unit V in Balikpapan, East Kalimantan, on Monday (January 12), Prabowo said the projects are part of a national strategy to accelerate industrialization and increase value added from natural resources.
“Within weeks, we will start these projects. We expect at least six projects initially, with the potential to expand to 11, with a total value of approximately US$6 billion,” the president said in a livestreamed speech observed in Jakarta.
According to the president, large-scale foreign investments will follow the commencement of the downstreaming projects, and the government will focus its attention on human resources and project management readiness to accommodate them.
"We should prepare the crews, the management, and younger managers who can manage those projects properly," he stated.
Recognizing that an ideal industrialization process may take decades, Prabowo said that Indonesia intends to expedite the process through integrated policies and support.
Meanwhile, the president emphasized that downstreaming becomes increasingly important for Indonesia amidst escalating global competition, and strengthening the national industry will be an important step to optimize Indonesia's natural resource potential.
"If we are rich, yet not strong, our wealth may be stolen," he stressed.
Prabowo expressed his optimism that professional and responsible management will help Indonesia achieve its downstreaming goals.
"We must work hard for these downstreaming policies, which indeed need funds. Nonetheless, I am optimistic that with appropriate management, we can achieve our goals in downstreaming," he remarked.
