Texmaco enters Timor

Texmaco enters Timor

JAKARTA (JP): The government has set up an alliance with the Texmaco Group, a major local textile conglomerate, to build a textile plant in East Timor with a total investment of Rp 2.5 billion (US$1.06 million).

Information Minister Harmoko told the press after a monthly meeting of finance and economic ministers Wednesday that the plant would produce 900,000 yards of fabric a year.

He did not mention when the plant would start operating commercially.

He said the plant would help generate the economic growth of Indonesia's youngest province and would support the government's effort to evenly distribute the national income among the public. (bnt)