Three RI companies Asia's most competitive firms
Three RI companies Asia's most competitive firms
HONG KONG (Agencies): Three Indonesian companies, PT Indofood Sukses Makmur, PT Indah Kiat Pulp & Paper and PT Polysindo Eka Perkasa, were cited in the 1997 list of Asia's 50 most competitive companies.
The 1997 list, issued Tuesday, was based on a survey by the monthly business magazine Asia Inc. here which evaluated 600 companies in 14 Asian countries on their global competitiveness.
The evaluation, conducted in cooperation with management consultancy Arthur D Little and several Asian Master of Business Administration schools, applied such criteria as financial efficiency, business growth, cost of capital and proprietary patents.
Japan's Sony Corp., Honda Motor Corp., Toyota Motor Corp and Canon Inc. topped the list. Japan, Singapore and Hong Kong accounted for the majority of the top 50 with electronics, auto and auto-parts makers being the dominant industries in the list.
The commended business ranking followed Indonesia's promotion from the 30th slot to 15th in the Global Competitiveness Report 1997 of the Geneva-based World Economic Forum which was announced four days earlier.
" Indonesia was the most competitive among the big emerging markets, leaping from the 30th rank last year to 15th," the World Economic Forum noted.
The forum's survey defined competitiveness as the ability of a country to achieve a high rate of per capita gross domestic product growth.
The competitiveness itself was judged on the basis of eight elements including suitable policies, institutions, effectiveness and efficiency of financial markets and the soundness of economic, social and political institutions.
The three Indonesian companies included in the Asia Inc.list of 50 Asian most competitive firms are all traded on the Jakarta Stock Exchange.
Indofood is Indonesia's largest food-products business group which is controlled by the Sudono Salim family and Indah Kiat Paper, a unit of the widely-diversified Sinar Mas group, is the country's largest manufacturer of paper.
Polysindo Eka Perkasa is the flagship company of the widely- diversified Texmaco Group which recently inaugurated its purified terephthalic acid (PTA) and polymer manufacturing plants in Krawang, West Java.
Polysindo, which was also placed in the 19th rank of the 1997 Hot Stocks 500 List of the Hong Kong-based Asiaweek magazine, is Indonesia's largest, integrated producer of polyester yarn and fabric.
The company, together with its publicly-listed subsidiary PT Texmaco Jaya which is chaired by Marimutu Sinivasan, has annual capacities of 360,000 tons of PTA, 330,400 tons of polymer, 180 tons of polyester staple fiber and more than 220 million yards of fashion fabric.