Business
18:47, 11-Apr-2018
SABIC CEO: Opportunities bloom as China increasingly opens up
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SABIC is one of the world’s leading diversified chemical companies and has relied heavily on the Chinese market for many years. The vice chairman and CEO of SABIC, Yousef Abdullah AI-Benyan said that Chinese President Xi Jinping's speech at the Boao Forum for Asia established a long-term strategy for China as a global leader.
President Xi has announced China will open up more and loosen overseas investment restrictions. AI-Benyan expressed that the speech also presented insurance for maintaining a market open to foreign investments.
“China’s market opening up more is a comforting signal for our industry. The Chinese President has a very clear demonstration commitment, and it is a great support for 2025 strategy growth,” said AI-Benyan.
China’s 2025 strategy is to focus on developing domestic high-end technology and improve its innovation ability. It is vital for SABIC to expand operations in China’s market since it aims to become the world’s third-largest chemical company in 2025.
“The improvement of IP protection promotes better service for investors. Meanwhile, China as the second largest economy owns the world’s largest chemical industry which earns more than 1.3 trillion US dollar,” AI-Benyan added.
In addition, SABIC has built an advanced research and development center in China. It has also established factories in Shanghai, Guangzhou, and Chongqing and has carried out businesses in over ten cities. AI-Benyan said they are still looking at further opportunities to cooperated with China’s industries and expand their output.
(CGTN’s Xia Cheng also contributes to the story)