Japanese seafood processor, Okamura Foods Co. is planning to build a sushi raw material processing plant in Myanmar to meet growing demand for the traditional Japanese cuisines.
The plant, to be located near Yangon is scheduled to commence operation in January 2019. It will process 1,822 tonnes of sliced fish, mainly salmon annually. Okamura has decided to enter Myanmar to utilise its relatively lower labor costs and diversify risks in overseas operations, a reliable spokesperson said.
Okamura Trading Co., a member of the Okamura group, will team up with a Japanese regional bank, Aomori Bank, which will provide it a total of Yen 224 million (US$2.1 million) to finance construction of the production facility.
The planned factory is located in the Thilawa special economic zone, Myanmar's first SEZ jointly developed by the private and public sectors of Japan and Myanmar.
In September 2017, the Tokyo-based trading house established Okamura Trading Myanmar Co. as a local manufacturing unit. The trading company operates salmon farming through a subsidiary in Denmark, outsources fish slicing in Vietnam and sells output to Japanese trading companies and supermarkets.