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Foreign Trade News: Sritex, An Indonesian Textile Giant, Declared Bankruptcy
Meidu News reported on October 28 that the District Court of Semarang, Central Java, officially announced the bankruptcy of Sritex, an Indonesian textile giant, which may lead to the unemployment risk of about 20000 employees. Indonesian Industry Minister Agus said that the government has launched multi sectoral joint measures in accordance with President Prabovo's instructions to help the company resume operations and avoid large-scale layoffs to protect the interests of employees.
(Source: website of Ministry of Commerce)
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