June 19, 2001 — Two of Japan’s largest firms say they plan to invest a total of $180 million (U.S.) in nanotechnology research and development, according to the Reuters news agency.

Mitsubishi Corp. said it would set up a $100 million venture capital fund in August, with $10 million of that going to nanotech companies specializing in information devices and medical technology, the report said. Mitsui & Co. Ltd. also said it would invest $80 million during the next five years in mass production of miniature products.

The Mitsubishi Research Institute estimated the Japanese market for nanotechnology-based goods at $154.6 billion by 2010.

The announcement follows news of several nanotechnology-related developments in the Pacific Rim.

Toray Industries, a global maker of synthetic fiber, textiles and chemicals, will establish a $40 million center specializing in nanotechnology and biotechnology near Tokyo. The building, which should break ground in December, is expected to be finished by March 2003.

China opened its first market-oriented research and development center on nanotechnology in May. A Chinese news agency reported the center, developed by government, academic and business officials, plans to help enterprises to develop nanotechnology products. It is located in Hangzhou, the capital of east China’s Zhejiang Province.

South Korea is formulating a nanotechnology research and development plan. The 10-year, $1.13 billion plan has four main research areas: optical properties, nanofabrication, quantum transport and phenomena, and new devices and concepts.

— By Jeff Karoub, Small Times Staff Writer