Biotech player expands investment on 'positive vibes'
Visitors gather at Novozymes' booth during an expo in Shanghai on Wednesday. [Photo/China Daily]
Novozymes, a Danish provider of biological products, said China is a country of growth and opportunity. The company sees biotech as a catalyst for China's sustainable transformation and it will continue to expand investments in the country.
The company has been in China since the 1970s and is eager to capitalize on opportunities in the country by intensifying its focus on innovation.
Amid COVID headwinds, Novozymes' China business played an important role in its overall strategy. Last year, the company netted a 9 percent sales growth in both emerging and developed markets.
"Sales in the Asia-Pacific region account for 20 percent of our total revenue and China is the biggest contributor. Going forward, I have high expectations for China's continued contributions to our growth," said Ester Baiget, president and CEO of Novozymes.
Baiget, who visited China recently, said she has seen extremely positive vibes in the country and is highly confident about future growth in China.
"China is a strategic priority market for us as it has strong manufacturing infrastructure, fast digital development and a large, untapped consumption market," she said.
The company's manufacturing facilities in China produce a wide range of products, including enzymes and microorganisms, which are used in various industries, such as bioenergy, food and beverage, and laundry detergents, for both Chinese and global customers. Two of its manufacturing sites in China account for one-third of the company's global enzyme production.
In the food and beverage sector, enzymes, which are proteins, can help improve the texture and taste of bread. In animal health, enzymes can be used in biological feed, which is safe, environmentally friendly and residue-free, according to a report on China's biological feed industry.