Open letter to Jean-Claude Juncker, President of the EU.
Nobody but nobody in my business seriously invests in Europe. They haven’t for a generation. Everyone in my business does however invest in the USA, Middle East or China, or indeed, all three. The USA is in the middle of a $200 billion spending spree on 333 new chemical plants. China has spent that sum annually for many years, constructing its own chemical building blocks.
Europe, not so long ago the world leader in chemicals, has seen its market share in the last decade alone collapse from 30% world market share to 15%. This is an industry that employs over 1 million people in high quality jobs in Europe and five times that in indirect jobs. Worldwide, chemicals is an immense industry, considerably bigger than the automotive sector with revenues approaching $4 trillion.