German industry is expanding its business engagements in China. Several companies signed agreements to that effect Monday during German-Chinese government consultations in Berlin.
At the same time, a Chinese manufacturer is planning to build a battery-cell factory for electric cars in the state of Thuringia in eastern Germany. German poultry will also be allowed to be exported to China again in the future following a long trade embargo over the bird flu, according to Germany’s Federal Ministry for Agriculture.
German Chancellor Angela Merkel from the conservative Christian Democratic Union (CDU) praised the simpler investment conditions for German firms, saying they were an indication that words are followed by deeds for the opening of markets.
Merkel pointed out the relaxed prerequisites for shareholdings in China, which no longer need to be established as a joint venture, for example. There are also new possibilities in the auto industry to obtain shareholdings higher than 50 percent, she added.
The chemical company BASF is considering setting up an integrated production site in southern China. The potential project with an estimated investment volume of roughly 8.5 billion Euro would be operated independently, the company announced. The electrical goods company Siemens entered into an agreement for the joint development of turbines, among others.
In addition, the car manufacturers Daimler, Volkswagen and BMW as well as SAP, Bosch, Voith and Nokia are also planning further projects.
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