XN000022-1984-01-11 — Page 29

WEDNESDAY, JANUARY 11, 1984

28

JOINT VENTURE CONTRACT SIGNED

*****

A JAPANESE GARMENT LABEL MANUFACTURING COMPANY HAS EMBARKED ON A JOINT VENTURE WITH A LOCAL COMPANY.

YOKOHAMA TAPE CO. LTD. OF JAPAN AND PACMAN QUALITY AND SERVICE PRINTING CO. IN HONG KONG SIGNED A CONTRACT TODAY (WEDNESDAY) TO SET UP A JOINT VENTURE FACTORY TO MANUFACTURE GARMENT LABELS AND TAGS.

THE AGREEMENT FOLLOWS THE RECENT VISIT BY MR K. ANDO, PRESIDENT OF YOKOHAMA TAPE. MR ANDO WAS A MEMBER OF AN INDUSTRIAL IST MISSION WHICH CAME TO HONG KONG LAST MONTH UNDER THE AUSPICES OF THE INDUSTRY DEPARTMENT.

AT TODAY'S CONTRACT SIGNING CEREMONY, MR ANDO THANKED THE HONG KONG INDUSTRY DEPARTMENT AND THE JAPÁN TRADE CENTRE IN HONG KONG, FOR THEIR ASSISTANCE WHICH HELPED ACCELERATE THE COMPANY'S DECISION ON THE PROJECT.

THE JOINT VENTURE COMPANY WILL START WITH A CAPITAL OF $1 MILLION, USING THE EXISTING PRODUCTION FACILITIES OF THE HONG KONG COMPANY WITH TECHNOLOGY AND KNOW-HOW PROVIDED BY YOKOHAMA TAPE. IT PLANS TO INSTALL ADVANCED EQUIPMENT AND MACHINES IN THE NEXT FEW MONTHS AND TO SEND WORKERS TO JAPAN FOR TRAINING.

NOTE TO EDITORS

MEASURES ON TAXIS ***

ARRANGEMENT HAS BEEN MADE FOR YOUR REPRESENTATIVES TO MEET THE SECRETARY FOR TRANSPORT, MR ALAN SCOTT AT 11 AM TOMORROW (THURSDAY), WHEN HE WILL ANSWER QUESTIONS ON THE MEASURES ARISING FROM THE 1983 TAX REVIEW ANNOUNCED IN THE LEGISLATIVE COUNCIL TODAY.

MR SCOTT WILL BE ACCOMPANIED BY ASSISTANT SECRETARY FOR TRANSPORT, MRS AGNES ALLCOCK.

THE EVENT WILL TAKE PLACE AT THE GIS THEATRE, BEACONSF IELD HOUSE, 5TH FLOOR, QUEEN'S ROAD CENTRAL, HONG KONG.

/29