More Chinese industrial companies looking to set up facilities in Europe
Mar 11, 2019 (China Knowledge) - More Chinese industrial companies are now looking to set up manufacturing plants in Europe in order to stay closer to their customers.
This trend has been particularly evident among companies in the country’s biotechnology and pharmaceutical industry where meeting European standards and certification is required to enter the market.
Other industries that have also seen such moves are the chemicals and electronics industry.
According to German factory builder Exyte, the current trend is part of a globalization drive by Chinese firms even despite rising protectionist moves in the United States and some European countries amid increasing competition in the global information technology (IT) industry.
However, such protectionist moves have not been extended to the biotech and pharmaceutical sectors as these sectors are not deemed to be sensitive to national security. As a result, Chinese firms in this sector have started to make moves to enter the European market.
Last May, Wuxi Biologics had announced plans to build a USD 370 million plant in Ireland which would hire 700 staff over the next two years. The company may also look to set up facilities in Europe to better serve its European and North American customers.
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