00:00Indonesia's President Prabowo Subianto says his government will centralize exports of key commodities
00:06as part of efforts to boost state revenues and tighten the country's grip over its abundant natural resources.
00:13Speaking to Parliament, he said future exports of major commodities
00:17will be handled by government-appointed state-owned companies under a new policy.
00:25He said the plan would initially cover crude palm oil, coal and ferrous alloys,
00:30some of Indonesia's most valuable exports.
00:33Export sales would first pass through designated state-owned enterprises
00:37before being transferred to business operators.
00:40He added that the policy would target underpayment practices,
00:44under-invoicing, transfer pricing and the movement of export earnings overseas.
00:48Indonesia's main stock index, JKSE, dropped 2% early on Wednesday before pairing some losses,
00:55following a steep 3.5% decline on Tuesday ahead of the announcement.
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