German tech giant Bosch foresees long-term growth potential in China

2019-05-14 12:40

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RENNINGEN, Germany, May 14 (Xinhua) -- German engineering and technology company Bosch Group is heartened by its business growth potential in China and will keep investing in the Chinese market with a long-term view, the giant's chief executive has said.

"Bosch in China is really a success story. In last five years, we nearly tripled our sales volume to more than 40 billion euros (about 44.9 billion U.S. dollars)," Volkmar Denner, chief executive officer (CEO) of Bosch Group, told Xinhua here in a recent interview.

He pointed out that the company's potential in China lies in all of the multinational giant's business segments, especially in mobility solutions that make driving smarter.

The head of the industrial giant said he is upbeat about China's economic performance in the long run, and that Bosch will further benefit from higher-quality growth in China.

In his view, the transition of China's economic growth strategy into a more sustainable, innovative, and high-quality development is in favor of technology companies like Bosch. "So for us, this is a big advantage in (the) long term," said Denner.

"Bosch is well-prepared by innovation technology to serve this market ... We think Bosch has (a) very good opportunity to serve the need of the upgrade of manufacturing capabilities in China," he added.

Moreover, Bosch welcomes China's continued commitment to reform and opening-up, as well as to enhancing support to foreign investors.

In March, the company held a groundbreaking ceremony to mark the start of its plant expansion in western Chinese city of Xi'an. Bosch's wholly owned subsidiary Bosch Rexroth invested around 60 million euros (about 67.4 million dollars) in the new center of factory automation in Asia.

"(The) Chinese government is encouraging foreign investors to invest in the country. That is positive for companies like Bosch," Denner said that apart from Xi'an, Bosch also continues to invest in its plants in eastern Chinese cities of Wuhu and Nanjing.

"China is the second largest market for Bosch after Germany -- very important for Bosch in all our business operations. Therefore, the capacity expansion will lead to a further growth of our business in China," Denner said.

The CEO underlined that the high investment rate in China is related not only to manufacturing activities, but to local high-quality innovation.

Denner said he was impressed that Bosch's plant in southern Chinese city of Wuxi, which produces automotive diesel systems, was recognized by World Economic Forum as one of the best "factories of the future" in the world.

Founded in Stuttgart in 1886, Bosch Group has generated sales of 78.5 billion euros (88.17 billion dollars) in 2018 with roughly 410,000 employees worldwide, among whom around 60,000 are in China.

With its long-term commitment to the Asian emerging market, Bosch marks the 110th anniversary of its presence in China this year, said Denner.
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