纺织制造海外系列：掘金印尼，产业链转移价值何在？

Investment Rating - The report maintains a positive investment suggestion for the textile manufacturing sector, particularly focusing on opportunities in Indonesia [1]. Core Insights - The textile industry is shifting towards Indonesia, which, despite being a developing country, offers abundant and low-cost labor, making it a significant manufacturing base after Vietnam. The stable political environment and increasing openness to foreign investment enhance its attractiveness [1][9]. - Indonesia's GDP reached $1.37 trillion in 2023, with a compound annual growth rate (CAGR) of 6.0% from 2015 to 2023, and is projected to grow at a CAGR of 7.6% from 2023 to 2029 [9]. - The country has a large population of 276 million, with a labor force of 149 million expected by February 2024, contributing to low manufacturing wages, which were approximately 1,402 RMB in 2022 [12][11]. - The textile and garment industry in Indonesia is recognized as a priority sector for foreign investment, benefiting from tax incentives and investment allowances [31][32]. Summary by Sections 1. Basic Situation of Indonesia - Indonesia's GDP per capita is relatively low at $4,941 in 2023, comparable to China's levels in 2010-2011 [9]. - The country has a favorable demographic structure with a high birth rate, supporting a growing labor force [11][12]. 2. Foreign Investment Environment - Indonesia's foreign direct investment (FDI) restrictions were historically high but have been relaxed, with significant improvements in the investment climate since 2020 [28]. - The government has introduced policies to simplify business registration and licensing, making the textile sector a focus for foreign investment [31]. 3. Domestic Analysis - The textile manufacturing sector is primarily located on Java Island, with Central and West Java being popular investment destinations [28]. - Indonesia is a major exporter of garments and footwear, ranking 13th globally in garment exports, with a total export value of $10.076 billion in 2022 [1][4]. 4. Textile Industry Overview - The textile industry in Indonesia is characterized by a small export scale compared to its potential, with garment exports showing stable growth [4]. - The country is positioned as a significant player in the global footwear market, with exports contributing to its economic development [4].