During a time when US-Japan trade relations are under scrutiny, Fujifilm announced on Friday that it would raise its investment by $1.2 billion in a proposed biotech plant in North Carolina.
According to the firm, “the total investment in the facility to over $3.2 billion” includes the cash infusion needed to increase output in order to fulfill the growing demand for antibody therapies.
By 2028, the facility is expected to be operating at full capacity, and the investment as a whole is expected to provide 1,400 local jobs.
Fumio Kishida, the prime minister of Japan, is making the announcement while visiting the US as a state visitor.
Marring the mood between Washington and Tokyo at the summit has been President Joe Biden’s opposition to Nippon Steel’s proposed $14-billion acquisition of US Steel, based in the key election battleground state of Pennsylvania.
In an effort to allay concerns over the transaction, Kishida is scheduled to tour Toyota and Honda facilities in North Carolina on Friday to emphasize Japanese investment.
Kishida told reporters in the southern state on Thursday evening that “in terms of economic relations, Japan is the world’s largest investor in the US and creates significant employment”.
“From tomorrow, I would like to use the visit to see how Japanese companies… are contributing to the US economy,” he said, touting “the great importance of promoting investment on both sides in driving the global economy”.
As part of its pharmaceutical business, Fujifilm stated in 2021 that it had made its initial investment in the large-scale cell culture facility located in North Carolina.
According to the statement, the investment is a component of its plan to allow the company “to construct identical large-scale production facilities” in Europe and the US.
