German chemical firms moving more research abroad, industry body warns
FRANKFURT, Aug 29 (Reuters) -German chemical companies are increasingly moving their research abroad due to lower costs, less bureaucracy and better public funding programs elsewhere, the industry body VCI warned on Thursday.
VCI, which represents almost two thousand companies in the country's third-largest sector, said it expects research spending to slowdown to 2% this year from 4% in 2023.
"High inland costs, poor earnings and worsening innovation conditions are making it increasingly difficult to conduct research in Germany," said Thomas Wessel, chairman of the research committee at VCI.
The industry lobby expects hardly any increase in research budgets in Germany this year and is forecasting rising investments abroad.
One in three chemical companies conducting research outside Germany intends to increase its research expenditure there, a poll conducted by VCI showed.
The situation in the pharmaceutical industry, which VCI also tracks, is somewhat better, the industry body said, adding that it is seeing the first positive signs of the government's strategy decisions.
Germany is still the world's fourth-largest site for chemical research after the United States, China and Japan, but is gradually losing ground due to higher energy prices and widespread red tape.
Reporting by Patricia Weiss in Frankfurt, writing by Andrey Sychev in Gdansk, editing by Rachel More
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