Germany-based global chemical company BASF is planning to invest €10bn with a strategy to focus on sustainability in the Asia Pacific region by 2020.
BASF is said to collaborate with the customers in the selected markets to discuss and solve applications like advanced pharmaceutical production, more sustainable packaging, environmentally-friendly coatings, low-carbon construction, renewable energy, less resource-intensive agriculture, energy-efficient vehicles.
Commenting on the plans, BASF SE Asia Pacific Board of Executive Directors vice chairman Martin Brudermüller said that in the next decade, Asia Pacific will face huge challenges, while remaining the fastest growing market for the chemical industry.
"Based on our strong global R&D network, we will considerably strengthen our innovation capabilities in Asia Pacific, enabling us to better serve our customers in all industries in the region," Brudermüller added.
The company has plans to perform one quarter of its global research activities from the region and aims to set up research facilities in the fields of electronic materials, battery materials, agriculture, catalysis, mining, water treatment, polymers and minerals.
A plan to form a second Innovation Campus Asia Pacific is also being considered, while exploring markets in Mongolia, Laos, Myanmar, and Cambodia.
More than 100 production sites are currently being managed by the company in the Asia Pacific region, including two highly-integrated "Verbund" sites, located in Kuantan, Malaysia, and Nanjing, China.
