German chemical groups are investing in modern plants and green technologies — but largely outside Europe, the industry’s largest union has warned.“Investments in new plants and new technologies [?.?.?.] are flooding out of Germany,” said Michael Vassiliadis, chair of Germany’s union for the chemical and energy industries IG BCE, adding that the trend had been accelerated “since the problem with energy”.
The main benefactors, Vassiliadis said, were China and the US, which were offering companies “full packages” that on top of tax incentives include access to green energy and regulatory fast-tracking.
Competition for foreign direct investment is increasing for European countries. Germany last year suffered a record deficit in corporate investments as companies looked overseas, according to the German Economic Institute, which called the situation “alarming”.