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All Journal Jurnal Reviu Akuntansi dan Keuangan JAS (Journal of ASEAN Studies) Jurnal Aplikasi Bisnis dan Manajemen (JABM) E-Journal
Lahadalia, Bahlil
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Nickel Downstreaming in Indonesia: Reinventing Sustainable Industrial Policy and Developmental State in Building the EV Industry in ASEAN Lahadalia, Bahlil; Wijaya, Chandra; Dartanto, Teguh; Subroto, Athor
JAS (Journal of ASEAN Studies) Vol. 12 No. 1 (2024): Journal of ASEAN Studies
Publisher : Centre for Business and Diplomatic Studies (CBDS) Bina Nusantara University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21512/jas.v12i1.11128

Abstract

The developmental state concept, which entails proactive government support for economic structural transformation, remains contentious today. Some scholars vigorously argue that government intervention in the economy was indispensable to the success of East Asian countries, whereas others are critical of the practice, arguing that it tends to neglect sustainability dimensions and contending that government intervention in the market is often unwarranted. In this study, the authors analyse how Indonesia’s nickel ‘downstreaming’ strategy represents a new developmental state model that considers the aforementioned discourse on the merit of industrial policy. The new model aligns the classical developmental state concept with the need to address pressing environmental and social concerns, which are widely recognized as being of paramount importance. Through an integrative literature review and secondary data analysis, the study reveals that Indonesia’s downstreaming strategy does exemplify a new developmental state model, as the government does not aim just to stimulate economic growth but also to contribute to the energy transition with EV battery manufacturing and to invigorate social inclusion by ameliorating inequality particularly in Eastern Indonesia. Nevertheless, the application of the new developmental state model through the downstreaming strategy uncovers some areas where improvement is necessary. The policy needs to be continuously refined so that its negative environmental and social externalities can be mitigated, and it can serve as a better example of a new developmental state model.
From Aimless Stray To Charting The Way: Financing Policy Reforms To Bolster Indonesia’s Downstreaming Strategy Lahadalia, Bahlil; Wijaya, Chandra; Subroto, Athor
Jurnal Reviu Akuntansi dan Keuangan Vol. 14 No. 3 (2024): Jurnal Reviu Akuntansi dan Keuangan
Publisher : Universitas Muhammadiyah Malang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.22219/jrak.v14i3.35906

Abstract

Purpose: A major impediment to the entry of domestic firms into these sectors is limited access to financing. This study seeks to analyze the constraints to financing access in Indonesia and to formulate policy recommendations to address them by employing an integrative literature review and comparative analysis of East Asian countries. Methodology/approach: This paper employs an integrative literature review and comparative analysis to explore potential policy solutions for mobilizing capital for Indonesia’s downstream industry. Findings: Findings indicate that Indonesia’s financial system, following substantial liberalization, now tends to favor projects with short-term returns over long-term downstream manufacturing projects that are critical for economic transformation. Practical implications:  Indonesia must direct its limited capital towards strategic downstream investments. The paper suggests three policy options: 1) providing direct preferential loans; 2) offering guarantees; and 3) injecting equity into targeted domestic firms. Originality/value:   The recommendations come with several caveats, including robust governance, specific conditionalities, and stringent evaluation to ensure that financial support targets the most competitive enterprises that can meet the government’s long-term development goals. This research found that while the government's proactive financing presents inherent risk, the greater peril lies in inaction, which could further consign Indonesia to the middle-income trap.
Transforming The Institutional and Governance Frameworks of Indonesia’s Downstreaming Policy Lahadalia, Bahlil; Wijaya, Chandra; Subroto, Athor
Jurnal Aplikasi Bisnis dan Manajemen Vol. 11 No. 1 (2024): JABM, Vol. 11 No. 1, Januari 2025
Publisher : School of Business, Bogor Agricultural University (SB-IPB)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.17358/jabm.11.1.10

Abstract

Background: Despite the significant benefits generated by Indonesia's downstreaming strategy, including a substantial increase in exports and investments, there remains considerable potential for further refinement. The implementation of this policy is hindered by ineffective coordination among various ministries and stakeholders. Purpose: This paper seeks to address the existing governance and institutional challenges that obstruct effective policy execution through an integrative literature review and comparative analysis. Finding/Result: Drawing insights from the successful industrial policies of China, South Korea, and the United States, this research found the existing discrepancy in the institutional and governance arrangements between Indonesia’s downstreaming policy and the best practice from other countries which accentuate the necessity for vigorous reforms.Conclusion: This research offers novel insights into the discourse on downstreaming policy by examining its institutional design and governance frameworks.Originality: The paper provides practical recommendations aimed at enhancing the institutional design and governance of downstreaming, thereby aligning the policy more closely with its stated objectives. Keywords: institutional policy, downstreaming industry, industrial policy, governance, coordination agency
Co-Authors Chandra Wijaya Subroto, Athor Teguh Dartanto