resurgent giant
'Better off thanks to China': German companies double down on resurgent giant
BERLIN – German industrial robot-maker Hahn Automation plans to invest millions of euros in new factories in China over the next three years, keen to capitalize on an economy that's rebounding more rapidly than others from the COVID-19 crisis. "If we want to grow with the Chinese market, we have to manufacture on the ground," Chief Executive Frank Konrad said of the investment drive, intended to skirt Chinese export hurdles in what Beijing views as a strategic sector. "Our goal is to make up to 25% of our sales in China by 2025," he said, up from roughly 10% now. But while the Chinese recovery may be good news for companies like Hahn, it is complicating efforts by Chancellor Angela Merkel's government to diversify trade relations and become less dependent on Asia's rising superpower. Despite Berlin's concerns, German industry is deepening ties with China, which battled the pandemic with stricter measures than other countries, moved out of a first lockdown earlier and saw demand rebound more quickly. Olaf Kiesewetter, CEO of car sensor supplier UST in Thuringia in eastern Germany, shares the same ambition of making 25% of sales in China.
- Asia > China > Beijing > Beijing (0.28)
- Europe > Germany > Thuringia (0.25)
- North America > United States (0.06)
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- Health & Medicine (1.00)
- Government > Regional Government > Europe Government > Germany Government (0.50)