Jakarta. Trade Minister Budi Santoso has denied that the recent ministerial regulation on import relaxations had caused the downfall of Indonesia’s textile giant Sri Rejeki Isman (Sritex).
The Semarang commercial court recently declared Sritex bankrupt, thus potentially causing 50,000 people to lose their jobs. Earlier this year, then-Trade Minister Zulkifli Hasan issued a ministerial regulation on amendments that eased Indonesia’s import curbs.
According to media reports, Sritex president commissioner Iwan Setiawan Lukminto admitted that the said trade rules on import relaxations had dealt a fatal blow to the textile industry, including the company itself. The Industry Ministry even blamed Indonesia’s…
