According to a report by Indonesia’s “International Daily News” on January 10, the Indonesian government’s renewal and renovation of textile machinery and equipment has been suspended since 2015 for some reasons. As competition in the textile industry becomes increasingly fierce, the government believes that it is necessary to launch the plan again. Ahmad, director of the Indonesian Ministry of Industry in charge of the textile industry, said that after re-evaluation, the government believes that the upgrading of textile factory machinery and equipment can have a significant effect on the development of the industry, especially in effectively improving production efficiency. The Indonesian textile industry needs structural reforms and the restructuring of the textile industry should continue. Not long ago, the Ministry of Industry sent a representative to visit China to discuss with relevant Chinese units on the textile industry machinery update plan. According to the original plan, funds for equipment renovation will come from the national budget. In order to reduce the financial burden, the government will also seek other sources of funds, such as from financial institutions such as China Development Bank and the Silk Road Fund established by the Chinese government. Chinese loan interest rates are generally lower than Indonesian commercial banks, but if you want to obtain a Chinese loan, the Chinese condition is that you must purchase equipment made in China. The Indonesian Ministry of Industry hopes to launch at least several factories this year to implement the above plan, which is expected to cost about 400 billion rupiah. According to the plan, companies will be provided with a 5% subsidy for purchasing equipment, and each company can receive up to 5 billion rupiah. Indonesia will restart the textile machinery renovation plan or use Chinese loans to purchase
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