German Enterprises See Growth Opportunities in China
Amid a slow global economic recovery, German companies are actively pursuing business opportunities in China. Executives from various German enterprises expressed their commitment to expanding their presence in the Chinese market during a recent promotion event for the China International Import Expo (CIIE) in Stuttgart.
German companies are utilizing the CIIE as a platform to align their strategies with the evolving demands of the Chinese market. The event brought together around 150 Chinese and German officials, business representatives, and trade delegates. Tobias Wahl, the board chairman of the Hawk brand at Karcher Group, highlighted the success they have achieved in the Chinese market since joining the CIIE in 2018.
Karcher Group, a leading player in the cleaning industry, has been an active participant in the CIIE for six consecutive years. The expo has enabled Karcher to increase its investments in China significantly, with cumulative investments reaching 2 billion yuan (276 million US dollars). Wahl emphasized the company’s commitment to showcasing innovative products at the upcoming 7th CIIE, emphasizing green, intelligent, and innovative concepts.
The preparations for the 7th CIIE are progressing well, with German enterprises leading in terms of the number of exhibitors and exhibition space. Notable companies such as Siemens, Bayer, SAP, Mercedes-Benz, and Volkswagen have confirmed their participation, underscoring the importance of the Chinese market in their global strategies.
The Academy of German Hidden Champions chairman, Walter Doring, praised China’s development and innovation achievements, which have created new collaboration opportunities for Germany. He emphasized that partnerships with China are crucial for any enterprise looking to succeed globally.
German companies are optimistic about their future prospects in China, with a majority planning to expand their investments in the country. Recent data from China’s Ministry of Commerce shows a 48 percent increase in German investment in China in the first quarter of this year. Major players like Audi AG, Mercedes-Benz, BMW, and Volkswagen have made significant investments in China, signaling their long-term commitment to the market.
In conclusion, German enterprises are seizing the business opportunities presented by the Chinese market, leveraging platforms like the CIIE to showcase their innovations and strengthen partnerships. The growing investments and collaborations between Germany and China underscore the mutual benefits that both countries stand to gain from their strategic cooperation.