Japanese firm Ichimasa Kamaboko has established a $36m joint venture in Changzhou National Hi-Tech District (CND), Jiangsu province, China, for the industrial production of soilless culture organic fungus and mushrooms.
The JV, which is local first foreign-invested agricultural project, will have an annual production capacity of 2,000 tons and will cater to high-end restaurants and clubs.
Ichimasa Kamaboko, a publicly traded company based in Niigata, Japan, is primarily involved in the processing of aquatic products and cultivation of organic fungus and mushrooms.
The firm has six factories and one cultivation technology center in Japan, and its brand Ichimasa is a well-established in the home market. Ichimasa Kamaboko's sales exceeded CNY30bn ($4.85bn) in 2012.
According to the Administration Committee of Changzhou National Hi-Tech District, CND has attracted substantial foreign investment as a result of its favorable investment environment. To date the district has attracted a cumulative total of more than $11.4bn of agreed and registered foreign capital.
