Just because Indonesia has nickel, doesn’t mean it should make EVs
Economic nationalists are making a reckless bet
Nothing emboldens politicians like defying the world’s advice and being proved right. Such is the case in Indonesia. In 2014 the country moved to ban exports of unprocessed ores. The idea was to force companies that crave its abundant minerals to refine them inside the country, capturing valuable investment and creating jobs. Multilateral institutions were sceptical. So was The Economist. Falling ore-export earnings could widen the current-account deficit and weigh on the shaky currency, the rupiah, we warned at the time.
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This article appeared in the Leaders section of the print edition under the headline “Indonesia’s EV gamble ”
From the January 11th 2025 edition
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