BASF is confident in participating in China's future development. On November 10th, German chemical leader BASF told Shell Finance reporters that relying on BASF's competitive technological advantages and market position in the Chinese market, the company will further develop its local business in China.
According to CCTV, on November 4th, German Chancellor Scholz arrived in Beijing for an official visit to China. German executives, including the CEO of BASF Group, also accompanied the delegation.
Scholz stated during this visit that globalization brings wealth and prosperity, and the cooperation between Germany and China is fruitful. It is very beneficial for both sides to have frank communication and exchanges, and this partnership should be maintained well. Germany is willing to strengthen equal and mutually beneficial cooperation with China, providing a fair market environment for entrepreneurs from both countries to operate in each other's countries, so that both sides can benefit from it.
BASF's connection with the Greater China market can be traced back to 1885, with a history of 137 years. Since then, BASF has been a loyal partner of China. On November 10th, BASF told Shell Finance reporters that as an important foreign-invested enterprise in the Chinese chemical industry, BASF has always been active in the Chinese market. BASF's main production bases are located in Shanghai, Nanjing, and Chongqing, and the Shanghai Innovation Park is BASF's research and development hub globally and in the Asia Pacific region. In 2021, BASF's sales to customers in Greater China amounted to approximately 12 billion euros, with 11070 employees as of the end of the year.
BASF stated that China is the world's largest chemical market, and investing in China aligns with BASF's strategy of producing in close proximity to customers. The company provides solutions to the growing Chinese market and customers through its production bases in China. Currently, China holds approximately 45% of the global chemical market share. By 2030, China is expected to dominate half of the global chemical market, with over two-thirds of the growth in global chemical production coming from China.
BASF is confident in participating in the future development of China. BASF stated that developing local business in China has important strategic significance and economic value, and will further enhance the company's regional diversification.
