The Dow Chemical Co. says it will continue to make investment in China, eyeing business opportunities emerging from the country's ongoing economic transformation.
"When I look at the market here, I see incredible growth opportunities across virtually every sector," said Neil Hawkins, Dow's chief sustainability officer and corporate vice president.
Despite facing downward pressure, China's ambition in urbanization, new energy technology, infrastructure construction and green growth provide ample room for innovation companies, Hawkins said.
A staunch investor for the world's second largest economy, Dow is expanding its business in China in an unprecedented pace, opening one new business center each year since 2012 and stretching to inland areas that many overseas companies barely notice.
It currently boasts a 5,000-strong staff, and operates 10 business centers and 17 manufacturing sites across the country. The Shanghai Dow Center, Dow's largest R&D center outside the U.S., gathers more than 700 scientists working in over 80 world-class laboratories.
Instead of targeting "easy money" like many foreign firms, Dow is digging for gold through innovation and technological cooperation.
With its leading water filtration technology, Dow collaborated with Haier Group, China's leading home appliance producer, to make washing machines that reduce 30 percent of water use. Dow's formaldehyde abatement technology, developed by its China research team, has been applied in eco-paint in China and many other countries in the world.
"Our sharp focus on supporting economies through more sustainable products brings us onto a trajectory in the same direction of the country's development," Hawkins said, "We are highly-linked with China and want to grow along with its growth."
Yoke Loon Lim, head of Dow Greater China, said the company will further expand manufacturing, innovation and operational networks to meet consumers' growing demand. He expects the company to maintain double-digit growth in terms of sales volume in the Chinese market.
"China has become our second largest market globally. It does not matter what other multinationals might be thinking of. For us, we will continue to make investment and increase our presence here," Lim said.
