Dow Chemical eyes up China as its largest market
After years of double-digit growth and massive investment in China, Dow Chemical has even greater ambitions for the market: turning it into the multinational chemical corporation's largest market in the world, Jon Penrice, Dow's Asia Pacific President, told CGTN.
China is currently Dow's second largest market, after being present in the country as early as the 1930s. The company expects China's rising middle class to drive even more growth, Penrice said.
The company's CEO Jim Fitterling has a vision to grow China into Dow's largest market in his term, according to Penrice.
Dow established its largest R&D facility in Shanghai, and its largest manufacturing hub in Asia Pacific has been located in Zhangjiagang, east China's Jiangsu Province since 1998.
While there are some challenges for China's economy, the fundamental drivers for economic growth are still there and the government offers support with some key policies, including lowering market access barriers and simplifying investment procedures, Penrice said, noting more investment plans in China are on the way.
(Video by Xu Xiaotong; Animation by Zhang Tao; Design by Fan Chenxiao)