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US chemicals company Dow to 'move ahead aggressively' in China
Having been a participant for seven consecutive years, Dow Inc regards the annual China International Import Expo as a must-attend prime event for all multinational corporations, and the US-based materials science company expects to continuously grow with China's economy, according to a senior company executive.
"The CIIE is an event really unlike any other around the world. It really is the premier commercial event. This is an excellent opportunity for us to come in, highlighting what we bring to the table for customers and introducing ourselves to new potential customers," said Kevin Kolevar, vice-president of Dow, during an exclusive interview with China Daily at the seventh CIIE.
Kolevar said he believes the CIIE is a can't-miss event for any company eager to do business in China, as "this is where they should be".
"This is really the time when we should be doubling down and taking advantage of the openness of China, the intentionality, the willingness to engage the international business community as much as they are. We understand that there is great intention behind China moving to work more collaboratively with international businesses. We intend to take advantage of that and move ahead aggressively. And so being here today is a very big part of that," Kolevar said.
As a regular participant of the CIIE, Dow brought a stellar lineup this year and signed the most agreements in its history at the CIIE.
Covering a wide range of circular economy, mobility, new energy, infrastructure, consumer products and agri-tech, Dow presented over 100 new products, technologies and applications this year. Among them, 11 were global, Asia-Pacific or China debuts, with six debuts globally.
As many as 20 memorandums of understanding or strategic cooperation agreements were inked between Dow and customers or partners from various industries.
"We executed 20 deals, which is the most we've ever done at one of the CIIEs," said Kolevar, adding that over 100 products on display included different elements of society, ranging from mobility, data centers and infrastructure, to home and commercial goods, cosmetics, new technologies and other areas.
Kolevar said the CIIE means brand, reputation and market penetration for companies the likes of Dow.
"That's really what it's all about. We bring our business people here and let them interface with our customers and let them interface with some of the businesses that are around us. And then just the steady flow of people that come through from Chinese businesses. And so, as you can see, it's a constant exchange with a lot going on. And we benefit from it greatly, and we'll be back every year. I look forward to being here for CIIE number 20 … I intend to come back next year."
Since Dow entered the China market 45 years ago, China has become Dow's second-largest market in the world. In Shanghai, Dow has its China headquarters along with a world-class research and development facility. And its manufacturing facility is located in Zhangjiagang, Jiangsu province, which is one of Dow's largest manufacturing plants in Asia.
"We have a very strong and large presence in Zhangjiagang, where we have invested about $3 billion to date. We are on pace to continue investing in an expansion of the facility at a rate of about 12 to 18 months," he added.
"Dow exports about 40 percent of what we make in the US, and a significant portion of that comes into China. For the most part, our presence here, however, is really geared toward the Chinese market. We manufacture here for China, for our consumers here. And so for us, this is a centerpiece of what we have globally."
Dow is not alone. Shanghai proved its appeal as an ideal foreign investment destination as the city is home to 998 MNCs' regional headquarters, making the city the most attractive destination for multinational corporations in the Chinese mainland, according to Xinhua News Agency.
The more than 75,000 foreign-funded enterprises in Shanghai contributed nearly 60 percent of the city's imports and exports, 40 percent of industrial output value, one-third of taxation, a quarter of GDP and one-fifth of employment.
"The CIIE exemplifies China's steadfast commitment to further opening its market, and fosters mutually beneficial cooperation with multinationals like Dow. We are proud to have been a dedicated participant for seven consecutive years, consistently turning our showcase of materials science solutions into market opportunities," said Kolevar.
"As we celebrate our 45 years of operations in China, we are looking forward to China's continued opening-up policies that will enable us to further strengthen our deep roots and grow alongside the Chinese economy," he said.
Source: China Daily
