Kadin Appreciates Government’s Commitment To Save Sritex

By ferry@insightinnews.com The Chairman of the Indonesian Chamber of Commerce and Industry (Kadin), Anindya Novyan Bakrie, has expressed his appreciation for President Prabowo Subianto's initiative to rescue PT Sri Rejeki Isman Tbk (Sritex). He believes that this rescue could serve as a pivotal opportunity to untangle the complexities of the national manufacturing sector, particularly within the textile and textile products (TPT) industry, ensuring that similar issues do not arise in the future. "This is a crucial moment to enhance the governance of our national industry and trade. The overarching goal is to protect and maintain the stability of our national economy, ensuring that economic growth translates into the welfare and prosperity of the Indonesian people," Anindya Bakrie stated in an official release, as reported on Sunday, November 3, 2024. Anindya is confident that the government will adopt prudent measures in accordance with existing laws, rather than resorting to direct intervention. He has conducted thorough studies and engaged in extensive communication with various stakeholders, including the Indonesian Textile Association (API). "Direct intervention could lead to turmoil in the business world and create a moral hazard that triggers negative reactions from other industry players," he remarked. To ensure that the rescue of Sritex yields benefits for the broader populace, Anindya emphasizes the necessity of adhering to three fundamental principles. First and foremost, the interests of the populace must take precedence, adhering to the prevailing laws. Secondly, it is essential to refine the regulations that hinder the textile and garment industry in light of global dynamics, ensuring that this sector continues to contribute positively to the national economy. Thirdly, all stakeholders in the textile and trade industries—including the Government, Entrepreneurs, and Workers—must foster a spirit of collaboration to revitalize our national textile and garment industry. These three middle grounds should serve as the foundation for all parties to pursue the most effective solutions. Anindya emphasized that Kadin Indonesia is committed to supporting government efforts to prevent the collapse of major companies, as such failures would lead to significant job losses for the populace. "The interests of the national economy and the welfare of the people must be safeguarded. We also urge the business community to prioritize these concerns above mere profit," he asserted. Furthermore, Anindya is prepared to take action in four key areas. First, he will provide support across various domains—regulatory, trade, financial, and others—as necessary for industry players in textiles to enhance their global competitiveness and continue to thrive.