President Prabowo Subianto summoned his economic ministers to discuss export fraud, under-invoicing data, and the setup of a new export SOE.

President Prabowo Subianto mandates a single-gate export system for natural resource commodities through state-owned enterprises.

Prabowo said the government is seeking to curb illegal mining, plantations, and fraud to address an estimated US$150 billion in annual export losses.

The full force of the new policy will come into effect after a transition period that has been set at three months but can be extended to the end of the year.

The move is likely to unsettle international investors already concerned about the uncertain trajectory of economic policymaking under Prabowo.

President Prabowo Subianto summoned his economic ministers to discuss export fraud, under-invoicing data, and the setup of a new export SOE.