| Textile makers
ponder new markets as crisis hits Several textile
and garment makers in Bandung have been forced to cut prices and
lay off workers as international orders dry up amid a world
sweeping financial crisis. Some are looking for new markets
outside of Europe and the United States, which have posted
reduced orders, said Ade R Sudrajat, Secretary of the Bonded
Zone Entrepreneurs Association. He said some 25% of its members
had slashed production due to reduced orders. The association
groups 100 exporting firms in Bandung, Bekasi, Cikarang, Merak
and East Java.
Liem Jo Ping of CV Ceika Pauli Industry said he would wait to
see what course the financial crisis would take before he
resorted to radical measures, adding that the present crisis
differed from the 1998 Asian financial crisis. Currently, buyers
in Europe and the US are experiencing a shortage of orders while
in 1998, exporting firms reaped huge profits because American
and European buyers were not affected by the Asian crisis.
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