STORY: BASF expands its Innovation Campus Shanghai further
DATELINE: June 29, 2023
LENGTH: 00:01:52
LOCATION: SHANGHAI, China
CATEGORY: ECONOMY

SHOTLIST:
1. various of BASF sites
2. SOUNDBITE (English): DETLEF KRATZ, President of group research at BASF
3. various of BASF sites

STORYLINE:

German chemical giant BASF inaugurated the expansion of its Innovation Campus Shanghai in China on Wednesday, aiming to improve its innovation capabilities and improve support for its customers in China and across the Asia Pacific region.

This latest expansion includes two R&D buildings, where new facilities and laboratories will be used to advance chemical research projects and create new sustainable solutions.

Detlef Kratz, president of group research at BASF, said that with the expansion of BASF's Innovation Campus Shanghai, the company can respond faster to the growing needs and requirements of the Chinese market.

SOUNDBITE (English): DETLEF KRATZ, President of group research at BASF
"The level of the customers' requirements are really high. We have to be there. The other is more to do with our collaboration with the institutes, where I think it's really great that China is mandating very clear targets in terms of green economy and green value chain. And we have selected dedicated institutes that work on fundamental questions.
We have always invested into China, 150 years ago, and we have continued that. For us, we go where the market is. It's always been the case. We produce in the place where the market is. The largest chemical market is here. For me, it would be a risk not to invest here."

BASF has invested a total of around 280 million euros (about 306 million U.S. dollars) since 2012 to its Shanghai Innovation Campus, which is BASF's largest R&D site in Asia.

It completed one expansion in 2015 and another in 2019, enhancing its role as an innovation powerhouse for BASF and its partners in the region.

Xinhua News Agency correspondents reporting from Shanghai, China.
(XHTV)