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Stake Holder : Textile Industry Needs Fundamental Changes

The wave of layoffs (PHK) is still continuing in the country. In the midst of a situation called President Joko Widodo (Jokowi) as an abnormal condition. The president even repeatedly warned his men to be careful and alert. In order not to make mistakes in making policies when inflation is high, economic growth is declining, energy crises, food crises, and financial crises are still threatening.

 

Textile entrepreneurs hope that the government will immediately carry out investigations into imported garments circulating in the market so that domestically made goods can enjoy the momentum of the surge in year-end demand. According to the Chairperson of the Indonesian Filament Fiber and Yarn Association (APSyFI) Redma Gita Wirawasta, at least as much as 120,000 tons of domestically made textile products can be marketed if the inspection process is carried out and is effective. This amount is equivalent to 40 percent of the stock of domestic textile products that are stuck in warehouses.

Textile issuer PT Asia Pacific Fibers Tbk. (POLY) or APF appealed to its collateral creditors, both from the private sector and the government, to speed up the process of discussing a restructuring solution that is currently underway in the coordination of the Bank Indonesia Liquidity Assistance Task Force (BLBI). Main Director of POLY Ravi Shankar said that the restructuring decision was considered very important to improve POLY's financial balance in an effort to obtain new working capital for technology and machinery updates.