Indonesia's textile and footwear industries are driving the country's economy and exports, as highlighted by the recent Adidas Global Partner Summit in the country. The two industries contributed to a positive growth of 5.31% (yoy) in 2022 and have seen an increase in exports, especially to Europe and the United States.
The government has been supportive of these industries and has been implementing various policies to attract foreign investments to improve the business climate in Indonesia. The implementation of the summit aimed to encourage upstream and downstream integration of the supply chain to meet the rising demands of the TPT industry and world footwear.
Meanwhile, textile and garment issuer PT Trisula International Tbk (TRIS) is optimistic about its sales in 2023, with the demand for garments still high in both export and domestic destinations. TRIS has enjoyed the benefits of increased sales in the export market, which jumped by 53% in 2022, while the company's net profit even skyrocketed to 258% yoy.
The increasing trend of the Industrial Confidence Index (IKI) in January 2023 also supports the company's optimism. These developments come amid fears of a global recession, which have not yet materialized, and the two industries continue to thrive.
