(AFP) - The German chemicals and pharmaceutical giant, Bayer, plans to expand its activities in China and has earmarked investment of some 3.1 billion dollars (3.3 billion euros), the most a German company has ever invested in China, a spokesman said on Wednesday.
The spokesman was confirming a report to that effect in the business daily Handelsblatt.
The newspaper said that Bayer had intended to have the contracts ready for signing in time for the visit of Chinese premier Zhu Rongji in Germany, from Thursday through July 3.
Bayer will build a gigantic new chemicals complex, including several factories in an industrial park in Shanghai, with construction scheduled to be completed in 2008, Handelsblatt said.
Last year, Bayer generated sales of some 500 million euros in China.
