The German Economy Minister's China visit will include CEOs from BASF and Thyssenkrupp

The firms have confirmed that top executives from BASF, Thyssenkrupp, and Siemens Energy are going to join German Economy Minister Katherina Riehe on her first visit to China next week. This comes at a time when protectionism is increasing and the global trade landscape has changed.

Germany, as the third largest economy in the world, is particularly vulnerable, as it has seen its trade partners, China and the United States, become more risky due to the rising competition.

Reiche's scheduled visit from May 26 to 29 reflects Germany's dependency on China, both as a supplier of raw materials and a market for selling goods. China is also a fierce competitor in the automotive, energy, and technology sectors.

The visit follows Chancellor Friedrich Merz’s trip to the world’s second largest economy three months earlier. This trip was aimed at resetting relationships that are largely determined by key dependences, most notably those in rare earths.

A spokesperson from the German Economy Ministry stated that it was important for Germany to take a more aggressive stance in the raw material sector and to also demand fair competition.

The spokesperson added that "these are issues which play a significant role in China", highlighting the importance of the European Union as a major buyer of Chinese products.

The company announced that Markus Kamieth will accompany Reiche to China, following the visits of Presidents of the U.S. and Russia. In March, BASF opened its new EUR9-billion-euro ($10-billion)?complex located in Zhanjiang in southern China. This was its largest investment to date.

The two companies announced that Miguel Lopez, CEO at German engineering conglomerate Thyssenkrupp, and Tim Holt, board director of power equipment maker Siemens Energy, Germany’s third-most valuable company, will also be participating. Reporting by Rene Wagner, Thomas Seythal and Patricia Weiss from Frankfurt and Christoph Steitz, Patricia Weiss and Rene Wagner in Berlin.

(source: Reuters)