German Economy Minister Heads to China Joined by BASF, Thyssenkrupp, Siemens Leaders
Key Details of the German Delegation's China Visit
Overview of the Visit
BERLIN/FRANKFURT, May 21 (Reuters) - Top executives of BASF, Thyssenkrupp and Siemens Energy will participate in German Economy Minister Katherina Reiche's first trip to China next week, the firms told Reuters, which comes at a time of rising protectionism and shifts in global trade.
Germany's Economic Challenges
Germany, the world's third-largest economy, has been particularly exposed, squeezed by rising competition from China as well as import tariffs in the United States, turning its top two trading partners into sources of increased risk.
Significance of China for Germany
Reiche's visit, scheduled from May 26 to May 29, also reflects Germany's dependence on China as a source of raw materials and market to sell goods, while the country is a fierce rival in the automotive, energy and technology sectors.
Context and Background
Recent Diplomatic Efforts
The visit comes three months after German Chancellor Friedrich Merz's trip to the world's second-largest economy, a trip aimed at resetting ties that are determined by key dependencies, most notably in the field of rare earths.
Government Position on Raw Materials and Competition
"It is particularly important for the German government to position itself more resiliently in the area of raw materials, and also to demand fair competition," a spokesperson for Germany's Economy Ministry said.
"These are certainly issues that play a role in China," the spokesperson said, also pointing to the European Union's significance as a buyer of Chinese goods.
Business Leaders Accompanying the Minister
BASF's Role and Investments
Hot on the heels of China visits by the presidents of Russia and the U.S., Reiche will be accompanied by Markus Kamieth, CEO of the world's top chemicals maker BASF, the company said. BASF in March opened its new €9 billion euros ($10 billion) complex in southern China's Zhanjiang, its single largest investment ever.
Thyssenkrupp and Siemens Energy Participation
Miguel Lopez, CEO of German engineering conglomerate Thyssenkrupp will also participate, as will Tim Holt, board member at power equipment maker Siemens Energy, Germany's third most valuable company, the two companies said.
Exchange Rate Information
($1 = 0.8613 euros)
Reporting Credits
(Reporting by Rene Wagner and Thomas Seythal in Berlin and Christoph Steitz and Patricia Weiss in Frankfurt)
