Investment in #Indonesia’s largest #Nickel-based industrial park hits US$18bil
Indonesia’s largest nickel-based industrial park in Sulawesi’s Morowali has seen investment more than quadruple to US$18 billion in the past four years, with analysts expecting South-East Asia’s largest economy to rely on the green metal – used to power electric vehicles – to break out of the middle-income trap.
Nickel boosts a battery’s energy density, while cobalt ensures the battery do not easily overheat or catch fire.
Indonesia has nearly a quarter of the world’s nickel reserve, and the metal has become one of its major exports and is forecast to surpass coal and palm oil.
Indonesia’s nickel-related exports surged to US$20.8 billion in 2021, from around US$2 billion in 2013. The first six months of 2022 recorded US$15.1 billion. Indonesia’s total exports in 2021 were US$231.5 billion.