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Executive Column: Freeport seeks legal certainty to continue operations
Freeport Indonesia CEO and Kadin vice president of investment Tony Wenas said regulatory stability and continuity beyond next year's general election was important for investors across the country.
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Tony Wenas, president director of PT Freeport Indonesia (PT Freeport Indonesia/-)
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sed in power cables and electric vehicles (EVs), copper is a vital part of the global shift to renewables. The world's second-biggest copper mine is in Grasberg, Papua, and plays a significant role in Indonesia’s energy transition and quest to develop the domestic EV industry.
PT Freeport Indonesia president director Tony Wenas spoke to The Jakarta Post's Mark Lempp and Aditya Hadi in Jakarta on Sept. 4 and discussed the extension of the company’s special mining license (IUPK) and its objection to the revised rules on export duties. Tony, who is also vice chairman of investment at the Indonesian Chamber of Commerce and Industry (Kadin), also spoke about the importance of regulatory stability in view of the 2024 elections.
Question: How do you assess international investors' appetite for Indonesia, and has the Job Creation Law helped?
Answer: They look at several factors, from the inflation rate to population numbers, to political stability and [overall] safety. Indonesia [scores well in] all of those factors.
The macroeconomic numbers are promising, with political stability for the past nine years. President Jokowi's administration is much more stable compared to previous [administrations], so that has created the appetite for investors to come in.
The Job Creation Law [has made] the country more attractive, but investors are waiting for its implementation, as there are so many regulations that are still in the pipeline [waiting] to be enacted. The devil is in the details.
Personally, I think we need consistency and the continuation of what has already been done. I'm not saying that I’m against change, but [change should be] for things that need to be fixed. As for the good things that have been [achieved], let's continue [them].
