German chemicals giant BASF plans to invest 10 billion euros ($13 billion) in the fast-growing Asia-Pacific region between now and 2020, creating up to 9,000 new jobs there.
BASF said in a statement it aims to generate annual sales of 25 billion euros in the region by 2020, up from 11.7 billion euros -- or 16 percent of overall group sales -- in 2012.
The group said that the cumulative annual growth rate for real chemical production for Asia Pacific is estimated at 6.2 percent through 2020, well above the world average of 4.0 percent.
And BASF's aim is to "grow profitably at least two percentage points above regional chemical output."
"To achieve this, BASF plans to invest 10 billion euros together with its partners by 2020 to further develop its local production footprint in Asia Pacific," the statement said.
It aims to produce around 75 percent of the total products it sells in Asia in the region by 2020.
BASF said it currently operates more than 100 production sites in the Asia Pacific region, including two highly-integrated sites n Kuantan, Malaysia and in Nanjing, China.
"In the next decade, Asia Pacific will face huge challenges while remaining the fastest growing market for the chemical industry," said BASF executive board member Martin Brudermueller.
BASF said it aims to conduct 25 percent of its global research and development (R&D) in Asia Pacific by 2020, with a total of around 3,500 R&D personnel in the region, up from around 800 in 2012.
It plans to establish research facilities in the areas of electronic materials, battery materials, agriculture, catalysis, mining, water treatment, polymers and minerals, it said.