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Last updated at: (Beijing Time) Tuesday, January 21, 2003

World Leader in Specialty Chemicals Favors China Market

The Chinese market is proving a magnet to global chemical companies. Due to its size, its sustained dynamic development and its great economic potential overall, the Chinese market was highly attractive to Degussa, Germany's third largest chemicals company and world leader in specialty chemicals, said Utz-Hellmuth Felcht,board chairman of Degussa at the launching ceremony of Degussa (China) Holding in Beijing on Monday.


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With a total investment of 37 million Euro, Degussa (China) Holding has been set up as a parent company for Degussa's branchesin China and to promote its business here.

So far, Degussa has set up 15 branches in China with 1,000 employees.

"Further advantages offered by China include a huge potential interms of highly-qualified and highly-motivated workers, and politically stable conditions," said Felcht.

China's specialty chemicals sector would take second place behind the European Union in global rankings by 2008, predicted Felcht.

Since China joined the World Trade Organization, it had become more important than ever before to be part of the Chinese market, to have a good understanding of the Chinese business environment and to enter partnerships with the most productive companies and research institutes, Felcht said.

The Olympic Games in 2008 and the Shanghai World Expo in 2010 had made the Chinese market even more attractive to Degussa, he said.

Degussa began producing specialty chemicals in 1988 and has provided construction chemicals for many notable building projectsin China, including the Dongfang (Oriental) Plaza in Beijing, Pudong International Airport in Shanghai and the Three Gorges Dam.


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