Indonesian government multi-measures to encourage investment in the textile industry

Indonesia is committed to strengthening its textile industry and has taken a number of initiatives. The Coordinating Minister for the Economy emphasized that the textile and textile products industry was a significant contributor to the country's economy, with exports exceeding $2 billion and providing nearly 4 million jobs, but that licensing-related issues still needed to be improved.The government aims to complete the Indonesia-EU Comprehensive Economic Partnership Agreement to increase textile exports to the European market and enhance global competitiveness. In addition, the government has prepared a 20 trillion rupiah investment subsidy program for the revitalization of machinery in labor-intensive industries such as textiles, with a credit period of eight years and a 5% interest subsidy to improve productivity. Ruhut, chairman of the National Economic Council, said former President Joko had instructed relevant agencies to speed up investment in the textile industry and improve the business environment. The government is optimistic that through the harmonization of tariffs and simplification of licensing and other measures, the country's textile industry can develop rapidly to compete with countries such as Vietnam and Bangladesh, and create more jobs for the people.