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Banks advised to remove textiles from 'sunset sector'

18
Feb '10
The Indonesian banking industry has categorized certain industrial sectors as 'Sunset Industry' in its credit disbursement priority, which has been opposed by the Industry Minister, MS Hidayat.

Mr Hidayat wants the banking sector to remove the 'Sunset Industry' categorization and wants them to provide a complete report on the performance of the industries falling under the 'Sunset Industry' category.

In particular, the minister was critical of categorizing the textile and its allied industry under the aforesaid category and said the textile sector must be removed from the category as it had a big role to play in the economy.

He however, admitted that the textile sector was beseeched by imports of second-hand machinery and as a result recommends reducing dependence on importing of textile machinery.

Fibre2fashion News Desk - India


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