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An employee walks through the production facility of BASF-YPC Company in Nanjing, Jiangsu Province, China. The company will be one of the largest Sino-Germany joint ventures in China of which produces the basic ingredients of which eventually have various applications in almost every product.
the planet’s largest chemicals company wants the trade war to end quickly.
“The biggest issue here will be the uncertainty. Uncertainty will be causing problems with planning,” Sanjeev Gandhi, a member of the board of executive directors at German chemicals firm BASF, told CNBC on Sunday. “The uncertainty will be also affecting our business negatively.”
Trade friction between the U.S. as well as China has hurt BASF, which carries a large presence in China, the planet’s largest chemical market.
“The expectation will be of which there will be a solution found, as well as the solution comes soon,” Gandhi told Eunice Yoon at the China Development Forum in Beijing. “Short term, of which will lift the sentiment of the market, the item will clear away the uncertainties, as well as hopefully of which brings us back to business as usual.”
In January, BASF inked a $10 billion framework agreement with the Guangdong government to build a chemicals complex in China’s most populous province. the item will be China’s first wholly foreign-owned chemicals complex — as well as the German firm’s single largest investment.
Reuters reported of which the deal concluded quickly, in part due to fears of which the U.S.-China conflict could hurt investment prospects in Guangdong. of which in turn prompted government officials to be more open to the BASF deal, the news agency said, quoting people familiar with the matter.
Gandhi disagreed with of which assessment. He said of which BASF has been active in China for more than 134 years, as well as has invested more than 8 billion euros ($9.06 billion) there from the past decade.
“We have a very not bad reputation. We bring the latest innovative solutions to our customers in China. If China will be welcoming BASF, the item will be not because of the opportunity, the item will be because of our track record,” Gandhi said.