Textile industry players can breathe a sigh of relief after the government promised special incentives to accelerate the sector's recovery from the impact of the economic slowdown in a number of export destination countries. The Coordinating Minister for Maritime Affairs and Investment (Menko Marves) Luhut B. Pandjaitan said the textile industry has great potential in line with the improvement in national economic growth and growth in people's purchasing power. “This development will provide a lucrative market potential for the textile industry in Indonesia. The government has also prepared various incentives to maintain the economy in the textile and product sectors," Luhut said in Jakarta yesterday.

Several attempts have been made to reform investment policies in a sustainable manner which have proven to be successful in attracting a lot of investment into the country. "The Indonesian government will continue to reform in these aspects," he said.

Over the past few years, continued Luhut, Indonesia has shown resilience and strength, especially in the midst of global challenges. Indonesia's economic recovery continues year after year, so that the economy can grow again and reach above 5% in 2022.

"The implementation of downstream policies has so far proven to make a significant contribution to the Indonesian economy, by increasing export values, contributing to GDP, improving trade balances, employment, developing new growth centers outside Java for equitable development and so on," he said. .

Indonesia is currently advancing its economic transformation, changing from selling crude commodities to products that have added value. It is hoped that through this transformation, Indonesia can become a high-income country in 2045.