Indonesian textile industry`s growth slowing down

Basri said the restructuring of the textile industry`s machineries would not have the expected positive impact until 2009. "2008 will be the year of consolidation for the textile industry," he said.
Basri, however, also said that textile and textile products had so far been able to become the country`s number one foreign exchange earner, replacing oil and gas.
In the meantime, deputy chairman of the Indonesian Textile Producers` Association (API), Ade Sudrajat, said Indonesia`s textile and textile product exports had continued to increase from year to year.
Indonesia`s textile and textile product exports in 2007 were expected to increase 9.89 percent to 10.29 billion dollars from 9.45 billion dollars in 2006.
API, he said, had set itself the target of grabbing five percent of the world textile market in 2025.
"In order to achieve the target, textile and textile product industries at home need 5.19 billion dollars in additional investments," he added.