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Duties on China & Vietnam to benefit local textile producers

12
Mar '07
Export opportunities for Indonesia increased as the developed countries have imposed anti dumping duties on textile and garment products from China and Vietnam.

With these prospects, Indonesia's textile industry anticipates that exports will increase about 10 percent to US $10.5 billion this year from $9.7 billion in 2006. By 2010, it will touch the mark of $14 billion.

Indonesian Textile Association (API) Chairman Benny Soetrisno said in a meeting that to reach the expectation, industry needs an investment of $5.19 billion during next three years. The industry is in need of more supportive financial and labor policies to meet the advantage of the export opportunities.

According to Benny, the interest rates charged by banks are very high which makes it difficult for the country to compete with foreign competitors.

As per a data revealed by the association, the textile export credit in Indonesia has an interest rate of about 18 percent which is seven percent in Vietnam, eight percent in Mexico, 10.5 percent in India, 11 percent in Pakistan and 12 percent in Bangladesh.

The textile industry will have to work hard to increase the production capacity and improve the quality to meet the international standards.

The Government in order to support the textile industry has allocated Rp255 billion to subsidize loan interest payment for machine upgradation. It has also issued regulations to remove import taxes on primary products for textile production


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