LUDWIGSHAFEN (dpa-AFX) - BASF CFO Dirk Elvermann hopes for open world markets even after Donald Trump's possible victory in the US presidential election in November. "We need a strong USA, which has a special responsibility for free trade and the global economy due to its importance," said Elvermann (52) in an interview with the news agencies dpa-AFX and dpa. "I hope that - whoever is elected - can ensure this in the end." The world's largest chemical company is watching closely. "We will continue to secure, maintain and expand our US business."

The USA is an extremely important market for BASF with more than 100 of its own sites and around 13,000 employees. Sales in the USA amounted to over 20 billion euros in 2022.

Experts fear that transatlantic relations could deteriorate significantly under a US President Trump. In his first term in office, Trump has cultivated a relationship with Europe that is based less on shared values, said historian and political scientist Liana Fix from the Council on Foreign Relations, an independent think tank in Washington.

In general, uncertainty in the world is increasing, said Elvermann. "This is of course a challenge for a company with a global footprint." This also applies to the chemical company's billion-euro investments in China. BASF also sees that growth rates in the giant country are currently slowing down. "But we have taken this into account in our investment decisions. We are doing what we can to protect ourselves when investing heavily in the country. A residual risk remains, of course - as with any foreign investment."

Part of the safeguard is that BASF manufactures in China for the local market. "This means that we are not building an export site there, but have a China-for-China investment. This gives us a certain degree of security in terms of transport routes, logistics and sales." The Group also finances the entire business locally. "The idea that we are transferring funds from Europe or elsewhere to China is wrong."

BASF assumes that around 80 percent of global growth in chemical production will be generated in China by 2030. "As a global chemical company, we want and need to be part of this," said Elvermann. The Group generates 15 percent of its sales in China and is aiming for around 20 percent by 2030. "We are on the right track."

Just a few days ago, the Group announced that it was selling its shares in two joint ventures in Korla, China. "Regular due diligence measures, including internal and external audits" had not revealed any evidence of human rights violations in the joint ventures. Nevertheless, reports had contained serious allegations pointing to activities "that are not compatible with BASF's values"./wo/DP/zb