What do you think of the Chinese market this year?
Despite the current challenges resulting from the Covid-19 pandemic, Domo Chemicals is confident that China will lead the world in embracing a future generation of sustainability and e-mobility solutions. Therefore, we are committed on the long-term to the Chinese economy and confident on its resilience despite the difficult times.
We believe that we are about to enter a period of rapid development in China once today’s hurdles are overcome. We remain strongly committed to China.
We believe the market this year will be softer than the previous year because of the lower domestic demand and the strong decrease of exports to foreign regions such as Europe & USA.
What latest measures will you take for the China market development during such situation?
DOMO Chemicals has announced plans for a new state-of-the-art plant in Zhejiang Province, China. The new plant will be capable of producing 50,000 tons of sustainable and innovative engineered nylon compounds each year in the longer term. The company signed a new factory project through “cloud contract” with PingHu DuShan port Economic Development District on February 20, 2020.
DOMO Chemicals will invest €12 million in the new plant, which will have more than 11,500㎡floor space. The company plans to install multiple production lines at the first stage of development, which would offer an estimated capacity of 25,000 tons/year. There will be enough additional space available to cope with future demand requirements. The move is in line with the company’s global growth strategy with a strong focus on China and the Asia Pacific (APAC) region.
What is your opinion on the government work reports?
We can see from the 2020 government work report that China is sending a more positive signal to foreign companies. Like all multinational companies in China, DOMO Chemicals has always believed that China is a market worthy of long-term strategic investment. Therefore, we still completed the cloud signing ceremony for a new advanced factory in Zhejiang province during the covid-19 outbreak. DOMO Chemicals is confident about our long-term relationship and the future opportunities. We believe that under the business environment of mutual benefit and friendly cooperation, the Chinese market will flourish and DOMO Chemicals will be firmly rooted in China and the Asia-Pacific region.
DOMO Chemical APAC General Manager