Covestro has high hopes for China's growth: Exec

Covestro AG will continue to invest and expand in the Chinese market given its "vibrancy, development potential and pace", a senior executive of the German chemical firm said.

Over recent decades, China has developed a very sound industry chain and the company has witnessed its rapid development, said Lily Wang, head of the company's business entity engineering plastics at Covestro.

"This has given us strong confidence and prompted us to continue to take root in the market," she said.

Headquartered in Leverkusen, Germany, the German company specializes in producing polymer materials and their components. Last year, Covestro's sales in China reached more than 3.64 billion euros ($4 billion), accounting for 20 percent of the group's total and making it one of the company's largest markets.

The company's cumulative investment in China exceeded 3.9 billion euros as of the end of 2022.

Market players in China's industry chain are undergoing significant changes, from engaging in product processing to higher value-added designing and research and development, Wang noted.

"An increasing number of Chinese enterprises have developed strong competitiveness in branding and are looking to go global with strong confidence and determination. We hope to help them go international," she said.

She added the Guangdong-Hong Kong-Macao Greater Bay Area is an area where the company places great focus, as the southern region boasts a developed industry chain in automobiles, electronics and medical care.

"We are also actively promoting the circular economy and sustainable development. We hope to leverage our strengths to help the GBA establish a truly circular industry chain and achieve high-quality development," Wang said.

sally@chinadailyhk.com