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Indonesia urges Marubeni to invest in textile sector
19
Jan '13
The Southeast Asian nation of Indonesia has urged Japan’s Marubeni Corporation to invest in the country’s textile sector.
 
Speaking to reporters after his meeting with Marubeni president and CEO Teruo Asada, Industry Minister MS Hidayat said he told Marubeni executives that Indonesia needs investment for machinery, especially for the textile sector.
 
The Minister said Indonesia’s textile industry is currently bearing high energy costs, partly owing to the use of outdated machines.
 
He added that several of the 1,500 odd textile manufacturing firms in the country are in an urgent need of replacing their machinery.
 
He said the Government has initiated a textile machinery revitalization program in recent years to help the sector replace their obsolete machinery and the establishment of a textile machinery plant would prove beneficial.
 
Marubeni Corporation intends to further expand its business in Indonesia due to its strong economic fundamentals.
 

Fibre2fashion News Desk - India

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