Europe must be more innovative than competitors - BASF CEO

02 February 2010 17:19  [Source: ICIS news]

LONDON (ICIS news)--BASF’s CEO Jurgen Hambrecht on Tuesday called for European chemical companies to be more competitive to ensure sustainable economic growth.

“We need to combine our strengths and focus on the sole opportunity that we have: We need to be more innovative than our competitors,” said Hambrecht, speaking in Germany on behalf of the European Round Table of Industrialists (ERT), a forum of top European business leaders.

“Europe is not able to undercut cheap wages in other regions, so it can only be competitive by having better ideas,” he added.

The ERT was in favour of a political framework to ensure sustainable economic growth in Europe, BASF said.

Hambrecht said he wanted open markets and priority for research and education and in view of the importance of Germany’s industry to Europe, the CEO appealed to German politicians to pursue ERT recommendations to maintain a high quality of life.

“Industry is a problem-solver, not a problem-creator as some are eager to claim,” he said.

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By: Franco Capaldo
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