German companies plan to increase investment in China

The German "Business Daily" quoted a report on the 3rd of the latest survey results that most German companies in China plan to increase investment there.

According to the reports, a recent survey by the Federation of German Overseas Chambers of Commerce China shows that 72% of German companies in China plan to keep increasing investment in China. Among them, the chemical company BASF plans to invest 8 billion to 10 billion euros to build a new chemical plant in Guangdong Province by 2025.

Marcus Kamit, a member of BASF's executive board responsible for its Asian operations, said that this will be "the largest investment in the company's history." He said that China is the most important growth market for the chemical industry. By 2029, the Chinese market’s share of the global chemical market will increase from the current 40% to 50%.

Markus Wassenberg, the financial director of Heidelberg Printing Machinery AG, Germany, said that the company hopes to produce in China and supply the products to the Asian market.

According to the report, in order to reduce the impact of COVID-19 on the supply chain, many German companies in China are accelerating the implementation of localization strategies to produce more products on-site in this important market of China.