JAKARTA - PT Inocycle Technology Group Tbk (INOV) together with its subsidiary, PT Plasticpay Teknologi Daurulang (Plasticpay) continue to support the implementation of the circular economy concept in order to increase Indonesia’s recycle rate which is currently still very low, below 10%. The Company is committed to supporting and achieve the recycle rate target of the Ministry of Environment and Forestry (KLHK) of a 50% growth
Suhendra Setiadi, as Director of INOV said, "Currently the biggest barriers of the recycling industry in Indonesia is that we lack of raw materials, so there are importers of plastics from other countries. Despite the fact that Indonesia has been considered as the second largest contributor of plastic waste in the world, producing more than 60 million tonnes of plastic waste per year, but it is not managed properly. Therefore, through Plasticpay we have created the Reverse Vending Machine (RVM) which is an application-based plastic waste collection machine. Through this machine every plastic waste submitted by the public will be rewarded in the form of Plasticpay Points that can be exchanged into electronic money through the Plasticpay application."
Any plastic waste collected by Plasticpay will be processed into Re-PSF by INOV into basic materials such as Flakes, Polyester Stable Fiber, and Felt that can be used as raw materials for various types of industries. From the basic materials produced by INOV, it will then be reproduced into useful products to be returned to the community so as to create an ecosystem of 3600 that can be scaled and measured. (LM)