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3/24, 9:32 AM (Source: TeleTrader)
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BASF board member calls for end of trade war

Sanjeev Gandhi, a member of the board of chemicals giant BASF, told CNBC on Sunday that "uncertainty" around the trade war between the United States and China is causing his company issues with plans for future investments.

Speaking during the China Development Forum, Gandhi noted that he hopes a solution will be found "soon." He pointed out that BASF has already invested around $8 billion in various projects in China.

BASF, the world's biggest chemicals firm, is looking to invest $10 billion in a chemicals factory in Guangdong. The deal that was signed at the beginning of 2019 represents a partnership that will bring the first entirely foreign-owned chemicals complex to the world's largest chemicals market, China.

Breaking the News / VP