JAKARTA — Indonesian President Prabowo Subianto on Thursday launched 11 Chinese-backed downstream projects worth an estimated $10.2 billion at the Weda Bay Industrial Park in Central Halmahera, North Maluku.

Prabowo also witnessed the park's first export of electric vehicle (EV) batteries produced by Chinese enterprises.

He said the export marked "a notable milestone" in the government's downstreaming policy to increase the added value of natural resources and strengthen the EV industry.

"This is concrete proof that our downstreaming policy is on the right track, and we will continue to advance it to the fullest extent possible," Prabowo said.

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According to Prabowo, cumulative investment in the park has surpassed $20 billion, with an additional $7 billion planned for future expansion. The industrial zone has created more than 100,000 jobs since its development began.