Toray vows to maintain Indonesian operation<\/p>\n
TOKYO (Reuters): Toray Industries Inc pledged yesterday that
\nthe company would not withdraw from Indonesia or move its
\nproduction bases to other countries despite the economic crisis
\nin the country.<\/p>\n
Toray, which has 10 Indonesian affiliates with a total of
\n4,600 workers, wants to expand in the country, although no
\nspecific plan has been set, the company's president Katsuhiko
\nHirai said.<\/p>\n
\"It will take about two to three years to see an economic
\nrecovery in Indonesia, but I believe the country will be back on
\na growth path towards the next century. We are set to expand our
\nbusiness in Indonesia, Malaysia and Thailand as needed in the
\nfuture,\" the president said.<\/p>\n
Toray has not received a request from any of its joint venture
\npartners in Indonesia to provide fresh financial support or to
\nbuy their partners' stakes, he said.<\/p>\n
The leading manufacturer of textile and synthetic fibres
\ncurrently faces tough global competition arising from increased
\nexports from Indonesia, Korea and also from Japan, which also
\npushed down global market prices, Hirai said.<\/p>\n
Despite the tough business environment, Toray is aiming for a
\nfourth straight year of growth in both sales and profits in the
\nbusiness year which started in April, he said.<\/p>\n
Hirai said the company will be able to recover foreign
\nexchange losses from the Asian crisis within two years by
\nboosting exports from its Asia units.<\/p>\n
He said the company's Asian units suffered currency losses of
\n11 billion yen in the last business year that ended March.<\/p>\n
\"I think we can recover the losses in one to two years by
\nboosting exports,\" Hirai said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/toray-vows-to-maintain-indonesian-operation-1447893297",
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"sponsor": "Okusi Associates",
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