Cool Japan Fund Inc. will help H2O Retailing Corp. open a department store in Ningbo in China’s Zhejiang province to sell Japanese products, according to the public-private fund.
The move, announced Thursday, is part of the fund’s efforts to promote exports of Japanese culture.
H2O Retailing and Cool Japan Fund will form a joint venture with a local apparel firm to run the department store set to open in spring 2018, under a project worth about ¥50 billion.
The department store will sell products supplied by small and midsize Japanese companies and hold events designed to promote Japanese culture.
Cool Japan Fund also said it has reached a basic agreement with satellite broadcaster Sky Perfect JSAT Corp. to jointly consider distribution of Japanese content in Southeast Asia.
Cool Japan Fund also unveiled plans to open Japanese food shops at shopping malls in Singapore and other Southeast Asian countries.
These are the first projects to be supported by Cool Japan Fund set up in November.