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Turkey to invest in textile machinery sector in Indonesia
11
Oct '11
Turkish investors have articulated their interest in investing in Indonesia's textile machinery sector, Indonesian Industry Minister MS Hidayat said after a meeting with Turkish Industry and Technology Minister, Nihat Ergun, in Istanbul.

Mr. Hidayat said the Industry Ministries of Turkey and Indonesia have arrived at a consensus to enhance mutual cooperation in the field of industry and technology. He added that the Ministries of the two countries intend to achieve a trade turnover of five billion USD over the next five years.

Turkish industry has witnessed significant progress during the past few years and Indonesia looks forward to boost its domestic industrial growth by strengthening its trade ties with Turkey, the Minister said.

The Indonesian Minister further said it would be beneficial for Indonesia to join hands with Turkey to domestically undertake production of textile machines rather than importing them from other countries.

The Government may even introduce tax breaks for such investments, he said, and added that talks in respect of these proposed investments are likely to conclude towards close of the current month.

During early part of the current year, the Indonesian Industry Ministry embarked on a programme for reviving the textile, footwear and leather industries of the country and allocated a sum of Rp 177 billion or US$ 19.82 million to fund the same.

Under the programme, the Ministry intends to overhaul 3,000 textile machines that are more than 25 years old. Textile firms spread across Indonesia house around four million spinning, two lakh weaving and 34,000 knitting machines that are over 20 years old.

Mr. Hidayat stated that his Ministry has also requested the Turkish authorities to attend to the issue of dumping allegations made by Turkish producers against 19 Indonesian export items including cotton textiles, synthetic textiles and polyester fibres.

Fibre2fashion News Desk - India


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