Germany chemical groups look outside Europe to build new plants
German chemical groups are investing in modern plants and green technologies, but mainly outside Europe, the industry's largest union has warned. “Investments in new plants and new technologiesare leaving Germany,” said Michael Vassiliadis, president of the German chemical and energy industries union IG BCE, adding that the trend had accelerated “since the energy problem.” The main benefactors, Vassiliadis said, were China and the US, which were offering companies “complete packages” that, in addition to tax incentives, included access to green energy and accelerated regulatory monitoring. Competition for foreign direct investment is increasing for European countries. Germany suffered a record shortfall in corporate investment last year as companies looked abroad, according to the German Economic Institute, which called the situation "alarming." Washington last year unveiled large subsidies available for investments in various green technologies under its Inflation Reduction Act, which seeks to attract foreign direct investment in key sectors.China has also tapped state coffers to boost certain industries, one of which remains chemicals, Vassiliadis said. Beijing, which is battling a prolonged economic slowdown, is especially favorable to foreign direct Job Function Email Database investment in areas involving high technology, such as advanced manufacturing, information technology and scientific research, as it seeks to boost its industry up the chain. of value. Vassiliadis, who in his role as union leader sits on BASF's supervisory board, said the German chemicals group is a striking example of a company investing in cutting-edge technology in China. The world's largest chemical company is currently building a €10 billion petrochemical complex in Zhanjiang. Modeled after the German group's headquarters in Ludwigshafen, it will be equipped with "cutting-edge technologies" and the "highest . sustainability standards.
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Meanwhile, the company warned that it will "permanently" reduce its operations in Europe.said the investment was made possible thanks to the support of the Chinese authorities, who met the company's request for large amounts of cheap, green energy by building a wind farm next to the site. Christian Faitz, co-head of chemical sector research at Kepler , said he did not believe new plants would be built in Europe producing ammonia, which plays a role in a net-zero economy through its role as a hydrogen vehicle. Meanwhile, BASF has closed one of its two ammonia plants in Ludwigshafen, citing high energy costs. “I hope that politicians are aware of these trends, said, adding that the trend could threaten industrial growth on the continent. Germany's chemical industry trade group, VCI, said companies in the sector could not afford not to invest in China, which accounts for about 43 percent of the global market. German chemicals groups' investments in China have "expanded" in recent years, the VCI added, stating that a fifth of the industry's foreign investments ended up in the country.
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