This study analyzes how Indonesia’s geoeconomic strategy interacts with structural dependence on foreign capital and technology in the Asia-Pacific electric vehicle (EV) battery supply chain. Using Analytic Eclecticism, it combines geoeconomics and Dependency Theory through qualitative analysis of regulations and industry reports from 2014–2025. The findings indicate that while Indonesia has successfully relocated some nickel processing and battery-cell manufacturing due to export restrictions and state policies, it still relies on foreign partners for advanced production capabilities. Although diversifying partners can reduce dependence, Indonesia remains structurally subordinate in higher-value segments even as it gains stronger bargaining power
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