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Asia business briefs
JAKARTA. Feb 5: A US joint venture company in Indonesia is starting operations to produce both consumer ana Industrial packaging products.
The company. Sonoco Asia, is currently producing composite cans for the snack food and motor oil markets.
Parry D Smith, managing director of Sonoco Asia said Sonoco will be working closely with its Japanese affiliate. Showa Marutsutsu. io the Joint venture to serve the many Japanese companies expanding in Indonesia.
Sonoco is the world's leading producer of composite cans, tubs and cores, recycled coreboard, fiber drums, and various other industrial and * consumer packaging products.
"We are looking to Indonesia as a major growth market that compliments other Sonoco operations In Malaysia, Thailand. Taiwan. Hong Kong. Singapore, and China," said Peter C Browning. executive vice-president of Sonoco.
Sonoco Asia is in a partnership with Hong Kongbased Istethmar International Ltd and Showa Marutsutsu Ltd. a Sonoco affiliate based in Osaka, Japan.
MANILA: President Fidel Ramos has urged Congress to repeal a law that hampers full liberalisation of foreign exchange in the Philippines.
The Uniform Currency Law. passed in 1950 during the time of foreign exchange and trade controls, required that all obligations made in the Philippines be paid in Philippine peso.
In a letter to Senate President Neptali Gonzales, Ra moi said the repeal of the law will "allow the capita) market to absorb and utilize excess foreign liquidity, thereby insuring adequate supply of long-term funds necessary to spur economic growth."
Ramos certified an urgent bill that will repeal the currency law and allow the use of . foreign currency for obligations entered into the country so long as there Is mutual agreement between the lender and borrower.
The repeal of the law Is part of the package of structural reforms being pushed by the Ramos administration to further liberalize the Philippine economy.
Since taking office in 1992, Ramps has opened jup the banking, mining and telecommunications industry to foreign investors.
KUALA LUMP URE: The government is working on a plan to boost research and development by private companies. a Cabinet minister was Monday reported as saying.
Science. Technology and Environment Minister Law Heing Ding was quoted as saying that the plan was formulated because of concern in the government at the lack of research and development, especially by foreign companies.
In an Interview with the Straits Times newspaper. Law said he could not reveal the details of the plan, which is being drawn up his ministry and the government treasury.
We need time to look into the details. We may also need to introduce legislations for the plan's impTementation." he said without elaborating.
Government surveys snow that private sectors spend only Between 0.05 per cent and 3 per cent of total sales revenue In Malaysia on research and development
Multinational firms do most of their research and development outside Malaysia. Law said.
"This does not benefit us at all. We want to encourage them to carry out these activities here," he said. — Source: AP