BASF, the German chemicals conglomerate, recently announced its plans to expand significantly in the Asia Pacific region in hopes of capitalizing on one of the world’s fastest-growing markets.
“We intend to invest $13 billion together with our partners to further develop our local production footprint in Asia Pacific,” the company said in a statement.
BASF executive Martin Brudermuller added: “in the next decade, Asia Pacific will face huge challenges while remaining the fastest growing market for the chemical industry.”
The company plans to create 9,000 new jobs in the region, as well as to produce 75% of its products for Asia locally, all by 2020. BASF’s research and development branch is growing rapidly, and around 3,500 jobs are already in the making. The company added that it will be establishing additional research facilities for electronic and battery materials, agriculture, catalysts, mining, water treatment, polymers and minerals.