Indonesia is committed to strengthening its domestic textile industry through various initiatives. The Coordinating Minister for Economic Affairs emphasized that the textile and textile products industry makes a significant contribution to the national economy, with exports exceeding USD 2 billion and providing nearly 4 million jobs, though licensing issues still need improvement. The government's goal is to finalize the Indonesia-EU Comprehensive Economic Partnership Agreement to increase textile exports to the European market and enhance global competitiveness. In addition, the government has prepared an investment subsidy program of IDR 20 trillion for machinery revitalization in labor-intensive industries such as textiles, with an eight-year credit term and a 5% government-subsidized interest rate to improve production efficiency. National Economic Council Chairman Luhut stated that during former President Joko Widodo's era, relevant agencies were instructed to accelerate textile industry investment and improve the business environment. The government is optimistic that through measures such as tariff coordination and licensing simplification, the domestic textile industry can develop rapidly, compete with countries like Vietnam and Bangladesh, and create more job opportunities for the people.
Indonesia is committed to strengthening its domestic textile industry through various initiatives. The Coordinating Minister for Economic Affairs emphasized that the textile and textile products industry makes a significant contribution to the national economy, with exports exceeding USD 2 billion and providing nearly 4 million jobs, though licensing issues still need improvement. The government's goal is to finalize the Indonesia-EU Comprehensive Economic Partnership Agreement to increase textile exports to the European market and enhance global competitiveness. In addition, the government has prepared an investment subsidy program of IDR 20 trillion for machinery revitalization in labor-intensive industries such as textiles, with an eight-year credit term and a 5% government-subsidized interest rate to improve production efficiency. National Economic Council Chairman Luhut stated that during former President Joko Widodo's era, relevant agencies were instructed to accelerate textile industry investment and improve the business environment. The government is optimistic that through measures such as tariff coordination and licensing simplification, the domestic textile industry can develop rapidly, compete with countries like Vietnam and Bangladesh, and create more job opportunities for the people.