Chemistry: BASF CFO: Gap between politics and business

Chemistry: BASF CFO: Gap between politics and business

In BASF’s opinion, inadequate infrastructure and inadequate industrial conditions are hindering development in Germany. The chemical giant is pushing for an investment strategy.

BASF CFO Dirk Elvermann has called for closer interaction between politics and business in Germany. “Given the many construction sites, not much fits together at the moment. We’re talking past each other at important points,” said Elvermann in an interview with the news agencies dpa-AFX and dpa.

We are “a little bit disconnected from each other” at the moment. “It’s about bringing together the important points such as infrastructure, education, industrial conditions, research and development and energy supply and creating an investment strategy and a narrative for the country.”

Furthermore, the economy is suffering massively from ever increasing regulatory pressure. “Chemical companies are subject to so many regulations that, although well-intentioned, are difficult to manage overall, even for a large company – not to mention small and medium-sized companies,” said Elvermann. He called for a reduction in bureaucracy that, in his opinion, was long overdue. “We also need more competitiveness – in the short term, when it comes to energy costs, and in the long term, when it comes to infrastructure.”

The recent rail strike hit BASF hard. “In Ludwigshafen, around 30 percent of goods traffic goes by rail. We actually have enough problems with the infrastructure and are now simply shutting down the rails for a few days.” This is not only difficult for many commuters, but also a problem for companies in already difficult times. “That can be partially compensated for, but no one is happy about additional trucks on the roads.”

Source: Stern

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