News

Jakarta. A $40 million spinning mill facility in Purwakarta, West Java, that is owned by Indorama Synthetics, Indonesia’s biggest producer of textile raw materials, was inaugurated on Wednesday (10/2), the country’s Investment Coordinating Board (BKPM) said in a statement.

“Indorama’s expansion can support the government’s plan to reduce unemployment and improve the locals’ income in Purwakarta district, while also improving foreign exchange earnings from exports,” Franky Sibarani, BKPM chairman, said in a statement.

Franky was there to witness the inauguration, the statement said.

The Purwakarta mill is Indorama’s ninth plant in the archipelago nation, Franky said.

The plant, which has a capacity to produce 10,800 metric tons of textile raw material per annum, is situated on a 50- hectare plot land that has been owned by Indorama since 1997.

Franky said the plant will provide 270 new jobs.

According to the company’s website, Indorama Synthetics – controlled by Indian-born businessman Sri Prakash Lohia – has been listed on the Indonesia Stock Exchange since 1990.

New investment in the textile and textile products industry last year stood at Rp 8.3 trillion, up 35.7 percent compared to a year earlier.

New local investment in the sector was recorded at Rp 2.7 trillion while foreign investment contributed Rp 5.4 trillion, BKPM said.

Source : Jakarta Globe