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Indonesia footwear industry draws $171m in new investment


October 9, 2008

Indonesia footwear industry draws $171m in new investment

Foreign firms have pledged 171 million dollars to boost Indonesia's footwear manufacturing industry and create tens of thousands of jobs, state news agency Antara quoted an official as saying Wednesday.

Indonesia's investment coordinating board has given the green light to 25 manufacturers, mostly Korean and Taiwanese, to build and expand factories, industry ministry director Budi Irmawan told AFP.

Footwear companies in Indonesia are likely to survive the global economic turmoil as the investment climate is still attractive for investors, the industry ministry said Wednesday.

"Investing in Indonesia, especially in the footwear manufacturing, in general has remained attractive due to our competitive business costs," Irmawan said.

"The big manufacturers, which employ roughly 150,000 people, receive orders from top brand footwear companies. The incoming investment could add about 47,000 new jobs," said Djimanto, director of the Indonesian Employers Association.

Indonesia is the fourth-largest footwear producer in the world after China, Vietnam and India, according to figures from the local industry association.

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