Japanese textile major Teijin to sustain investment in country
06 Aug '05
1 min read
Leading textile manufacturing company based at Japan, PT Teijin, announced that it will continue investing in Indonesia by adding $50 million to its total capital in the country.
After talks with the President Susilo Bambang Yudhoyono, Toru Nagashima, company`s President Director informed that company will sustain to develop and strengthen the textile and garment industry in Indonesia.
Industry Minister Andung Nitimihardja, Nagashima opined that at present, the company employs over 1,500 Indonesians in four of its subsidiaries, including Tifico and Beranta Mulia. The company also intends to establish 30 megawatt capacity coal-fired power plant in Tangerang, Banten province, he added.
The Japanese company had shut down its operations in many other countries, including the Philippines. However it will continue to invest in Indonesia and to expand its business by fundinf additional $50 million with next three years to replace old machinery and establish new power plant, said Minister Andung.
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