Denmark’s Novozymes, a leading provider of biological products, views China as a land of vast potential and prospects for growth. The biotech industry is seen as a driving force behind China’s shift towards sustainability and Novozymes is committed to bolstering its investments in the country.
With roots in China dating back to the 1970s, Novozymes is keen to capitalize on opportunities in the region by intensifying its focus on innovation. Despite the challenges posed by COVID-19, the company’s China business played a critical role in its overall strategy, achieving a 9 percent increase in sales in both emerging and developed markets last year.
“Sales in the Asia-Pacific region account for 20 percent of our total revenue, with China being the primary contributor. Moving forward, I have high expectations for China’s continued contributions to our growth,” remarked Ester Baiget, Novozymes’ President and CEO.
Baiget recently visited China and reported feeling highly confident about the country’s future growth prospects, citing strong manufacturing infrastructure, fast digital development, and an untapped consumption market as key strengths.
Novozymes’ manufacturing facilities in China produce a range of products, including enzymes and microorganisms that are used in 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.
Enzymes are proteins that can enhance the texture and taste of bread in the food and beverage sector. In animal health, enzymes can be used in biological feed, which is environmentally friendly, residue-free, and safe, according to a report on China’s biological feed industry.
Novozymes is committed to deepening its collaboration with Chinese industrial players and expanding its research and development efforts locally. Its R&D center in China has been in operation for 25 years and has collaborated with various domestic universities.
Furthermore, Novozymes is thrilled about China’s accelerated implementation of its dual carbon goals to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060. The company believes that biotech can offer solutions to various sectors and contribute to the many dimensions and objectives of China’s carbon neutrality plan.
As China continues to attract more foreign capital and promote further opening-up, it is providing new opportunities for multinational growth. Novozymes is optimistic about the potential benefits that such moves can bring to foreign investors and is pleased with the Chinese government’s recent efforts to optimize the investment environment for foreign investors and encourage investment in new energy, green and low-carbon innovation, and demonstration.