GLOBAL TRADE (GT) Venture Co. Ltd., an arm of the Japanese government-owned Tokushima Auction Market (TAM), is investing $1 billion in Pangasinan for a complete value-chain aquaculture facility.

In a statement Friday, the provincial government said Pangasinan Governor Amado I. Espino III and TAM President Yoshihisa Arai signed the memorandum of understanding (MoU) on July 29 for what will be called the Pangasinan Fish Farming (PFF) project.

The project will involve setting up floating fish cages, an operations complex with offices and dormitories, a feed warehouse, processing plants, cold storage, solid and wastewater treatment facility, and medical center.

“The PFF project aims to grow and harvest a variety of fishes in Pangasinan waters where over 1,000 local fisherfolk will be trained and employed,” according to the provincial government.

“We hope that the signing of the MoU is a sign of our long and productive partnership with Tokushima Auction Market and the country of Japan that will greatly benefit the people of Pangasinan,” Mr. Espino said.

GT Venture’s agricultural products include processed fruit and vegetables, seafood, and livestock.   

Its Philippine subsidiary, GTVP Trading (Global Trade Venture Philippines Trading), has offices in Mandaluyong, Metro Manila and Digos City, Davao del Sur. — Marifi S. Jara