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BASF to Invest 10 Billion Euros in Asia Pacific by 2020

The global chemical company BASF will invest 10 billion euros (KRW 14.68 trillion) in the Asia-Pacific region by 2020.

BASF announced its plan for smart growth to reach sales of 25 billion euros in the Asia-Pacific region by 2020.

BASF plans to make the investment to enhance the productivity of local partners in the Asia-Pacific region. It aims to locally supply about 75 percent of the products sold in the region.

BASF currently has more than 100 production facilities in the region, including those in Kuantan, Malaysia and Nanjing, China.

In particular, BASF will focus a quarter of its investment in research and development (R&D) in the Asia Pacific. Its plan is to increase the R&D workforce in the region from the current 800 to 3,500 by 2020.

Following the BASF Innovation Campus Asia Pacific in Shanghai, China, it is considering building a second campus.

BASF also intends to expand from the petrochemical industry to electronics, agriculture, mining, water treatment, polymer and minerals.

At the same time, it will also foster its local offices to add 9,000 jobs by 2020. BASF also established the Learning Campus in Singapore to provide global learning programs.

Dr. Martin Brudermüller, Vice Chairman of the Board of Executive Directors of BASF, noted that BASF will strengthen its innovation capability in the Asia Pacific based on its strong R&D network and provide sustainable solutions.

Source Text

Source: Newsis (June 5, 2013)

** This article was translated from the Korean.

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