Jakarta, Sept. 22 -- Developing a domestic bioethanol industry could save Indonesia around Rp500 trillion (US$28.09 billion) in foreign exchange annually, according to Minister of Agriculture Andi Amran Sulaiman.

Speaking after a coordination meeting with 44 regional regents in Jakarta on Monday (September 21), Amran said that producing renewable biofuels domestically would keep significant capital within the domestic economy instead of sending it overseas for fuel imports.

"The key point is that the ethanol, the energy value, the biofuel, is currently produced by other countries, representing a value of Rp500 trillion," Amran said.

He added that if the Rp500 trillion circulated among Indonesian farmers instead, it would strengthen the...