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Govt includes footwear sector in interest subsidy scheme
10
Nov '08
Government announced that the industry revitalization program will be expanded to include footwear manufacturers among the list of subsidy recipients.

The Industry Ministry, Director General Anshari Bukhari, revealed at the discussion forum held in Bandung, West Java, that Government will facilitate the disbursement of Rp55 billion in interest subsidies for footwear manufacturers.

"The funds are allocated on the Government's 2009 state budget and have been approved by the House of Representatives," Mr Anshari stated.

Under this program, which originally covered only textile industry, the Government would subsidize part of the interest rate which banks charged on loans so that manufacturers could buy new machinery.

The Indonesia Footwear Producer Association (Aprisindo) said that even as global recession is haunting the traders, the industry has been showing reasonably good performance. Footwear sector is expected to mark a 10 percent export growth by the end of this year, most probably touching a volume worth $1.76 billion.

Mr Anshari stressed, "We expect that this expanded program will not only further stimulate investment in the sectors, but also help improve competitiveness.”

Talking about future plans, he said, “We're considering providing subsidies for targeted industrial cluster areas in the country. This would not be via an industry-based subsidy, but via industrial clusters. But, we're still working out the details."

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