A Glimmer of Hope in RI Textile Industry for Foreign Investors

Despite sluggish demand from overseas, foreign investors are still attracted to the domestic textile sector. South Korea and Taiwan, for instance, picked Indonesia as their production base amid stagnant foreign demand.

Nindya Aldila

19 Jun 2023 - 21.35
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A Glimmer of Hope in RI Textile Industry for Foreign Investors

A worker arrange yarn products to be marketed./Bisnis.

Bisnis, JAKARTA - Foreign investors continue to be drawn to Indonesia's domestic textile sector, even amid stagnant foreign demand. South Korea and Taiwan have chosen Indonesia as their production base, despite the sluggish global economy.

Investment data from the Investment Coordinating Board's National Single Window for Investment portal reveals that foreign investments in the textile sector amounted to $74.34 million, or IDR1.10 trillion (at an exchange rate of IDR14,892 per $), in the first quarter of 2023. This represents an 84.13 percent growth compared to the previous year's $40.35 million.

In the first quarter, South Korea contributed $28.6 million with 125 projects, while Taiwan contributed $13.96 million with 27 projects. India secured the third spot with $11.28 million for five projects.

Ignatius Warsito, the Director General of Chemical, Pharmacy, and Textile Industries at the Ministry of Industry, stated that diverse market needs are attracting investors to Indonesia. 

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