We own the goods, yet others determine the prices,Jakarta (ANTARA) – President Prabowo Subianto announced at the Parliament Complex in Jakarta on Friday that Indonesia's Strategic Mineral and Commodities Exchange is targeted to begin operations on January 1, 2027.”We are targeting the expedited deliberation of the necessary regulations for the exchange with the House of Representatives (DPR), and we request that they be issued as soon as possible,” he said during his speech on the 2027 Draft State Budget and Financial Note in Jakarta on Friday.Prabowo explained that establishing the exchange would be the next phase of the government's ongoing single-gate export policy. He added that the administration had been coordinating with the Financial Services Authority (OJK) on the plan.The president noted that Indonesia has for decades been one of the world's largest producers of various strategic commodities, including palm oil, nickel, tin, coal, coffee, and rubber.However, global commodity exchanges have long played a dominant role in determining the prices of these resources, he added.Prabowo stressed that this situation must change so that Indonesia, as a major producing nation, can play a greater role in determining the value of its own exports.”How can those who do not possess these commodities dictate their prices? It makes no sense. We own the goods, yet others determine the prices,” the president said.The government plans to operate the new exchange under OJK supervision. Through the platform, the administration aims to establish an “Indonesia Reference Price” for key commodities.Prabowo said the exchange would eventually bring together producers, farmers, exporters, buyers, and investors on a single, strictly regulated platform. By providing more transparent transaction data, the government hopes to reduce opportunities for fraud and market manipulation.The president also emphasized the importance of capital market reform in building a credible trading and investment ecosystem. A healthy capital market, he said, would provide vital opportunities for startups and national enterprises to raise equity, secure additional financing, and expand their operations.Prabowo views the establishment of the exchange, together with efforts to strengthen the capital market, as a crucial part of Indonesia's broader drive to enhance its strategic position in the global economy.