Bayer set to increase R&D funds
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E-mail Shanghai Daily, May 22, 2013
Bayer Material Science will invest more in research and development in China to tap demand from emerging markets as it inaugurated its Asia-Pacific innovation hub in Shanghai yesterday.
"We will gradually shift our R&D investment from the Western countries to China, and especially Shanghai, to better meet the needs of emerging markets," said Patrick Thomas, CEO of Bayer Material Science. "We aim to export China-made technology to the rest of the world by 2020."
The Shanghai innovation hub will cater to the polyurethane, polycarbonates, and coating business.
Thomas said China's energy-saving and urbanization initiatives created huge demand for advanced chemical products, and the German company hoped to meet the needs in the coming years by increasing investment in R&D now.
The company said it spent 242 million euros (US$187 million) on R&D globally in 2012.
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