NIPSEA Group CEO: Investing in China to ride the next wave of growth into the future
Shanghai, China - The 7th China International Import Expo (CIIE) launched in Shanghai from November 5 to 10. This year marks Nippon Paint's debut at the CIIE, showcasing their innovative products and solutions designed for urban development and smart transportation. In an exclusive interview with China Daily, Mr. Wee Siew Kim, the CEO of NIPSEA Group, emphasized the company's unwavering confidence and long-term commitment to the Chinese market, and its dedication to driving innovation in the coating industry.
Mr. Wee emphasized the significance of CIIE as a crucial platform for fostering collaboration and showcasing Nippon Paint's diverse capabilities. He noted the company's evolving role at CIIE, transitioning from "observer" to "participant", signifying their continuous engagements with the Chinese market. This year, Nippon Paint joined the newly established "New Material Special Section" to share innovative products and solutions for pressing topics in China including urban air purification, smart road construction, automotive carbon reduction, marine environmental protection, urban renewal and new productive forces.
During the expo, two world-first products "Nippon Paint Smart Road Marking Paint", and "Nippon Paint Photocatalytic Coating," were launched, which exemplify the dedication to research and development by NIPSEA Group and its subsidiary, Nippon Paint. "We highly value innovative developments, investing 3% of annual revenue in R&D." Mr. Wee mentioned.
Together with its partner companies in the Nippon Paint Group, NIPSEA Group is the fourth largest paint and coatings manufacturer in the world and is the leading player in the Asia-Pacific region, with a portfolio of more than 30 globally renowned coating brands. All the innovative products and solutions being showcased at the CIIE underscore its strong R&D capabilities, locally rooted with extensive, broad based international support. Mr. Wee also highlighted how NIPSEA Group's overseas Chinese roots and its values of "Openness" and "Courage" have shaped the group today. He added, "The spirit of ‘Openness' encourages us to embrace new ideas and adapt to the unique characteristics of each market, while ‘Courage' inspires bold decisions and constant innovation. An inherent understanding of the Chinese market, coupled with a global perspective, has been instrumental in Nippon Paint's success."
Mr. Wee reinforced the strategic importance of China in NIPSEA Group's global strategy, stating that it is the company's largest, as well as, among its faster growing markets. He also mentioned that China's ongoing efforts to invigorate its business environment is a reflection of the dynamism of the Chinese market, which in turn bolster the competitiveness of NIPSEA Group in its overseas markets.
"The company is confident in the Chinese market and continues to invest in China. As new quality productive forces gain momentum, we believe that our investments will ride this new wave of growth into the future," said Mr. Wee. Currently, Nippon Paint operates 74 factories and 10 R&D centers in China. Furthermore, the company has initiated the construction of the Nippon Paint Asia-Pacific R&D Innovation Center in Shanghai and the Nippon Paint China Automotive Paint Ecological Industrial Park in Tianjin Binhai New Area will start production early next year. He expressed optimism about the future of the Chinese market and reiterated Nippon Paint's commitment to long-term growth in the country. "China remains one of the most dynamic markets in the world," Mr. Wee stated, "and we consistently see immense market opportunities and growth potential."
