Prabowo launched 11 downstreaming projects worth US0.2 billion, or Rp180 trillion, at the IWIP in Central Halmahera on October 8 (CNBC Indonesia, Bisnis, detik, Liputan6, IDN Times, Monitor Indonesia). They comprise the first export of electric-vehicle batteries, four commercial projects of about US$3.4 billion and seven new projects of about US$6.8 billion (IDN Times). Realized investment in the IWIP is more than US$20 billion, with US$7 billion planned. Bahlil accompanied him; Prabowo asked businesspeople to look after the environment and water.
Nickel downstreaming is the government’s core strategy to raise export value and attract battery-industry investment.
For residents of North Maluku, the project brings jobs but also environmental risks; for the national economy, battery exports could add foreign exchange earnings.
Downstreaming adds domestic value and creates jobs outside Java.
The scale of the nickel industry raises concerns about deforestation, water pollution and dependence on foreign capital.
Big investment figures are not the same as benefits. Watch job absorption, the environmental impact assessment and the value of battery exports in the next quarter.
CNBC Indonesia, Bisnis, detik, Liputan6, IDN Times, Monitor Indonesia, State Secretariat (Oct. 8-9, 2026)
Economy · DownstreamingPress ✓ 7 outlets · values according to CNBC Indonesia, Bisnis, detik, Liputan6, IDN Times, Monitor Indonesia
Prabowo launches 11 downstreaming projects worth US$10.2 billion, or Rp180 trillion, at Weda Bay in Central Halmahera
The package includes the first export of electric-vehicle batteries, four commercial projects and seven new industrial projects that have started construction.
President Prabowo Subianto inaugurated and began construction on 11 downstreaming projects worth about US$10.2 billion, or Rp180 trillion, at the Indonesia Weda Bay Industrial Park (IWIP) in Central Halmahera, North Maluku, on Thursday, October 8, according to CNBC Indonesia, Bisnis, detik and Liputan6. The package includes the first export of electric-vehicle batteries, four projects already in commercial operation worth about US$3.4 billion, or Rp60 trillion, and seven new industrial projects that have started construction, which IDN Times valued at US$6.8 billion. Energy and Mineral Resources Minister Bahlil Lahadalia and several other ministers accompanied the president.
Prabowo said realized investment in the IWIP area has passed US$20 billion, with another US$7 billion planned, without breaking down the components, according to CNBC Indonesia. He also asked businesspeople to look after the environment and water. The media spell the names of some projects differently, for example Guangqing or Guang Ching, so readers should check company names in official documents. DailyDrop has not seen an environmental impact assessment or labor figures for this package.
Open the story and DailyDrop’s take
By the numbers
Rp180 trillionvalue of the 11 downstreaming projects at Weda Bay, equal to US$10.2 billion (CNBC Indonesia, Bisnis)
Rp867.27 billionforeign investors’ net sell on Thursday (Kontan Pusat Data)
−1.88%fall in the IHSG to 6,031.28, closing at the day’s low (Pasardana)
The IHSG closed at 6,031.28, down 115.44 points, or 1.88%, on October 8, after opening at around 6,146 and moving between 6,031 and 6,179 (Pasardana). The industrial sector fell about 2.86% and healthcare rose 0.70%; 497 stocks fell, 171 rose and 119 were unchanged (Databoks). Volume was 60.11 billion shares (Media Asuransi). Asian markets tended to weaken. Foreign investors had a net sell of Rp867.27 billion (Kontan Pusat Data).
The IHSG’s slide back to the 6,000 range erased three days of gains and signals that the market is still sensitive to US bond yields and oil.
Retail investors who hold equity mutual funds will see values fall temporarily; avoid panic selling.
A deep correction after a brief rebound is normal and may open the way to buying in stages.
Closing at the day’s low with very negative breadth points to broad selling pressure, not a sector rotation.
The next test is at 6,000. If foreigners keep net selling large banks, a close below that level becomes more likely.
Pasardana, Media Asuransi, Databoks Katadata, Kontan (Oct. 8-9, 2026)
Markets · IndonesiaPress ✓ 4 outlets · close according to Pasardana, Media Asuransi, Databoks, Kontan
IHSG plunges 1.88% to 6,031.28 with Rp867 billion in foreign net sell; industrials fall the most
The Jakarta Composite Index (IHSG) closed down 115.44 points, or 1.88%, at 6,031.28 on Thursday, October 8, according to Pasardana, Media Asuransi, Databoks and Kontan. The index opened at around 6,146 and moved between 6,031 and 6,179, so it closed exactly at the day’s low. A total of 497 stocks fell, 171 rose and 119 were unchanged. The industrial sector fell the most, about 2.86%, while the healthcare sector rose 0.70%.
Media Asuransi recorded trading volume of 60.11 billion shares and linked the weakness to US bond yields that have yet to come down and to the Fed minutes. DailyDrop notes that the minutes were published only after the Jakarta exchange closed, so the link is better described as market anticipation. Other Asian markets also tended to weaken that afternoon, Databoks said. The IHSG is now back around 6,000, after rising three days in a row through Tuesday.
Foreign investors recorded a net sell of Rp867.27 billion, with BBRI at Rp207.3 billion, BMRI at Rp189.9 billion and AMMN at Rp64 billion the most heavily sold, according to Kontan Pusat Data. The selling was concentrated in large banks that carry heavy weight in the index.
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Word of the day
DownstreamingEconomyA policy of processing raw materials at home into value-added goods, for example nickel into electric-vehicle battery components.