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Last updated at: (Beijing Time) Wednesday, October 23, 2002

Multinational Chemical Companies Welcome in Shanghai's Industrial Zone

The Shanghai Chemical Industrial Zone is open to all multinational chemical companies, said Shanghai Mayor Chen Liangyu Tuesday.


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The Shanghai Chemical Industrial Zone is open to all multinational chemical companies, said Shanghai Mayor Chen Liangyu Tuesday.

Chen made the remark in a meeting with Dr. Jurgen Strube, Chairman of the Board of Executive Directors of BASF, an international chemical giant based in Germany.

Strube said the Shanghai Chemical Industrial Zone has great potential to attract chemical companies from all over the world. BASF has made significant investments in the zone, with two large projects valued at 1.5 billion euros (1.54 billion US dollars) currently under construction.

World-renowned companies, including Bayer and BASF, have set up subsidiaries in the 23.4-square-kilometer Shanghai Chemical Industrial Zone.

The largest chemical sector investor in China, BASF has set up eight joint ventures with a total investment of 700 million euros (719 million US dollars) in China.


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