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Jakarta eyes 0.4% growth in textile-chemical-pharma sector

Sep '20
Pic: Shutterstock
Pic: Shutterstock
Indonesia has targeted 0.4 per cent growth in the chemical, pharmaceutical and textile industries this year. Its growth target for those industries in 2024 is 5.3 per cent. The industry ministry aims to reach $34.14 billion in exports from these industries this year, with realisation of investment at Rp84.65 trillion and absorption of 7.37 million workers.

"Recently, we have synchronized the industry's performance target set for 2020 with the real on-field conditions amid the COVID-19 pandemic," according to the ministry's director general of chemical, pharmaceutical and textile industry Muhammad Khayam,

In the second quarter of the year, the industry's contribution had reached 4.5 per cent, backed by positive growth of the chemical, pharmaceutical, and traditional medicine sectors at 8.65 per cent, when the economy contracted by 5.32 per cent, according to a news agency report.

Khayam said that in the second quarter of 2020, the industry had contributed $14.59 billion to the total exports, with investment realisation touching Rp32.39 trillion comprising Rp20.06 trillion of foreign investment and Rp12.33 trillion of domestic investment.

To achieve the target, the ministry will follow five strategic policies of human resource development in industry: development of facilities, industry empowerment, fiscal and non-fiscal facilities, and bureaucratic reform, Khayam added.

Fibre2Fashion News Desk (DS)

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