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Textile subsidy scheme may boost export

14
Mar '07
Finance Minister Sri Mulyani Indrawati has promised to commence a scheme worth Rp255 billion (about US $27.8 million) for subsidizing the interest on loans taken out by textile and garment industry firms for refurbishing purpose.

The head of fiscal policy, Anggito Abimanyu, has confirmed that the money has been allocated under the 2007 national budget.

The scheme is designed to provide financial assistance regarding the interest payable on loans taken out by textile firms for renovation purposes which will help to improve the competitiveness of the industry.

The domestic textile industry is losing out in terms of production capacity and as machineries used are more than 20 years old, quality wise they are trailing behind their foreign competitors.

According to a report revealed by Industry Ministry, the textile and garment industry employed 1.18 million people in 2006, and roughly 600,000 other workers in small and medium enterprises.

With this proposed interest subsidy scheme, the industry anticipates that employment will get a boost by 469,000 and the production capacity will also increase by 3.7 tons in three years.

It is also expected that the exports will increase to $10.5 billion this year and $14 billion by 2010.


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