Fuji Photo Film Co., the world's biggest maker of film used in flat panels, and SVA Electron Co. will set up a joint venture to make color filters to make rising demand for LCD TV, Bloomberg reported. The joint venture is said to have a capitalisation of about 100 million US dollars. The companies aim to tap into growing demand for flat-panel televisions in China, the world's fastest-growing economy. The venture marks Fuji Photo's entry into the color filter market and comes as the Tokyo-based company seeks to boost sales of electronic components, chemical products and medical equipment to counter shrinking demand for its traditional film-camera business. A local factory would help trim costs at liquid-crystal display maker SVA, which imports color filters from Japan, South Korea and Taiwan, said Bloomberg.