Elkem, Heraus, Other Multinationals Get Ready for China’s CIIE, Hike Investment in Country
Miao Qi
DATE:  Jul 31 2023
/ SOURCE:  Yicai

(Yicai Global) July 31 -- Norwegian advanced materials producer Elkem Silicones, German tech company Heraeus Holding and many other large foreign firms that take part in China’s International Import Expo each year, are preparing for another record-breaking show this year, and at the same time are increasing their investment in the country, demonstrating their long-term commitment and confidence in the China market.

Heraeus is displaying its cutting-edge technologies and material solutions at the expo this year, Ai Zhouping, president of Heraeus China, said as the 100-day countdown to the 6th CIIE begins today.

Elkem Silicones will increase the size of its booth six times this year from the first expo to 252 square meters, Li Pei, research and development director of Elkem Silicones Asia Pacific, said on July 28. The Oslo-based firm will showcase applications of its organosilicone products in smart mobility, life sciences and future technologies at the expo this year.

Estee Lauder Companies brings all its brands sold in China and some that haven’t yet entered the country to the expo every year, said Liu Wei, vice-president of public affairs of Estee Lauder in China. This year, the US cosmetics giant will exhibit over 1,000 new products under 16 brands, unveil new instruments and technologies and advertise products that will not come on the market until next year

And these multinationals are hiking investment in China to accelerate localization as they reap the benefits brought about by being part of the CIIE.

Heraeus plans to start producing platinum-carbon catalysts in China in the first half of next year and gradually introduce the next generation of low-load proton exchange membrane electrolyzer iridium catalysts, Ai said. This will help China’s hydrogen energy industry cut costs, raise efficiency and boost high-quality development.

Elkem Silicones is spending over CNY100 million (USD14 million) to build its Asia-Pacific R&D center in Shanghai, the firm said last year. The center is still under construction and is scheduled to be finished at the end of this year. The R&D headcount at the firm is set to double in the next three years.

The Estee Lauder China Innovation R&D Center opened in Shanghai in December last year and its logistics center, which is a major industrial project in Shanghai, is nearly 40 percent complete. The cosmetics giant also plans to form more logistics distribution centers by 2026 to boost efficiency.

Editor: Kim Taylor

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Keywords:   CIIE,Shanghai