Dow Chemical boosts innovation in China
Updated: 2012-12-05 15:17
Ma Zhenhuan and Wang Ying(chinadaily.com.cn)
US-based Dow Chemical Co is seeking to expand its presence in emerging economies when other developed countries are still stuck on a downward track. A recently-held innovation meeting underlines the company's growing interest in Asia and China.
In a bid to strengthen its innovation efforts in the Asia-Pacific market, the Dow Chemical Co held its fourth annual Asia-Pacific Innovation Day in Shanghai on Tuesday.
Dow Chemical spends about $1.7 billion annually in research, having one of the largest research and development investment portfolios in the global chemical industry. The company has a global team of more than 5,500 researchers.
"At Dow Asia-Pacific, we are driving 'New Dow, New Asia', a business portfolio strategy focused on expanding our market reach and penetration into high-growth markets in which we can be a preferred partner of innovative solutions in the region," said Pat Dawson, president of Dow Asia-Pacific.
"China, as a key part of Dow Asia-Pacific, remains a growth priority for Dow," said Peter Sykes, president of Dow China. "As we continue to drive our business forward, one of our main areas of focus is to create greater customer value through innovation. This requires us to unite our industry-leading R&D capabilities with an organizational commitment to collaborative innovation."
According to Yao Weiguang, Dow Asia-Pacific chief technology officer, Dow globally generated $60 billion in 2011 revenues, with the Asia-Pacific region accounting for 18 percent of the total income.
"Regarding the fact that Asia-Pacific's GDP contributes about 30 percent of the world's total, there is huge growth potential in this area for us," said Yao.
Since the global economy is not in good shape, whoever brings about the most innovative solutions will survive, Yao added.
The Shanghai Dow Center is home to more than 500 scientists and researchers working in 84 world-class laboratories. It plays a key role in the company's global innovative development.
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