Singapore | Carmakers are making major investments in Indonesia in the global race to secure supplies of key minerals used in EV batteries, as South-East Asia’s largest economy steps up protectionist measures to lock in manufacturers.

President Joko Widodo’s decision to ban exports of nickel that are critical to EV battery production is paying dividends, with growing foreign investment in downstream processing and refining. Tax holidays and other incentives are also aimed at luring carmakers and turning Indonesia into an EV manufacturing hub.