BASF focuses R&D investment on China

BASF SE, a chemical company, plans to invest one-fourth of its annual R&D money into the Asia-Pacific region with a priority on the Chinese market.

"Our strategy is to invest more in these markets to meet that fast-growing demand," said Martin Brudermueller, vice-chairman of the board of executive directors at BASF.

BASF spent 1.6 billion euros ($2billion) on R&D in 2011 and is expected to spend more this year, according to sources. One-third of funds will be used to develop technologies aimed at green issues.

"Part of our strategy for the global market is to develop battery materials for electric vehicles," said Brudermueller.