Sino-Japanese Tunny Processing Venture to Be Set Up at NE Chinaport

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Last updated at: (Beijing Time) Monday, January 13, 2003

Sino-Japanese Tunny Processing Venture to Be Set Up at NE Chinaport

Zhangzi Isle Town in Dalian, a portcity in northeast China's Liaoning Province, is hoping to become amajor base for production, processing, storage and marketing of tunny fish in the world.

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Zhangzi Isle Town in Dalian, a portcity in northeast China's Liaoning Province, is hoping to become amajor base for production, processing, storage and marketing of tunny fish in the world.

According to local sources, Nissho Iwai of Japan has signed an agreement with Zhangzi Isle Fishery Group Co. Ltd. of Dalian to start up a jointly financed ultra-low temperature tunny processingbusiness in the town.

With a total investment of 8.6 million US dollars, the Sino-Japanese joint venture, named Xiangxiang Foodstuff Co. Ltd. of Dalian, will be the largest tunny processing base in China.

The investment for the first phase will be 4.3 million US dollars, with the Japanese partner taking up 51 percent of the stake and the Chinese partner the remainder.

The new processing base is designed for an annual capacity of processing 1,500 tons of tunny, a kind of deep-sea fish of the mackerel family which weigh 40 kg to 100 kg each.

The fish is most popular in Japan, which purchases some 90 percent of the world's ultra-low temperature tunnies.

Zhangzi Isle Fishery Group Co. Ltd. of Dalian is a backbone business of Zhangzi Isle Town, Changhai County, dubbed as a "natural shelter of fishery". The town also boasts the largest and most modern ultra-low temperature tunny fleet in China.

The Japanese partner also hopes to expand its tunny market in China via the joint venture.

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