BRUSSELS — Europe’s mighty chemicals industry is in decline — but France is pitching a plan to get it back on track.
Once one of the jewels of European manufacturing, the chemicals’ sector has been plunged into a deep malaise over recent years, at least in part because of a surge in energy costs. The crisis reached fever pitch when even German heavyweight BASF said last year that it would be making a multibillion-dollar investment in China, as it had found business tough in its home market.
In a bid to keep the business in Europe, Paris wants the European Union to declare 15 key chemical compounds “strategic,” copying similar EU policies for raw materials and medicines.
The idea is to protect the sector to ensure Europe remains self-sufficient in chemicals used in everything from fertilizer production to plastics manufacturing.
