Key Points
(Bloomberg) -- In the countdown to the weekend inauguration of Indonesias new president, Jakartas political elite has been huddled at the incoming leaders private ranch outside the capital, deep in the last-minute haggling that will determine the shape of the countrys government for the next five years...
After a decade at the heart of power, Luhut Panjaitan, the 77-year-old fixer who championed so many of outgoing President Joko Widodos key industrial policies, says he is ready to step aside..
But with no clear heir in view, it leaves a tricky gap for the incoming administration as it tackles the next stages of key existing policies, including efforts to limit raw material exports in favor of higher value goods or the energy transition areas which cut perilously across fiefdoms...
Panjaitan has said he now owns approximately 9% of the firm, having divested most of his shares before coming into government. Still, a 2023 disclosure to Indonesias Corruption Eradication Commission put his personal net worth at 1.04 trillion rupiah ($65 million)...
The downstreaming campaign in particular only becomes tougher as Indonesia tries to leverage more commodities where it is nowhere near as dominant as it is in nickel while still hoping to go beyond processing to the next stage of development, into manufacturing and on to become a major player in EVs...
