German chemical giant BASF, Guangzhou Municipal Government, and Xi'an Jiaotong University signed a memorandum of understanding to collaboratively build a closed-loop ecosystem of basic research, result transformation, and industry empowerment in Guangzhou, the capital of Guangdong province, on Friday.

The memorandum, aiming to promote the transformation of scientific and technological achievements, was signed during the 140th anniversary celebration of BASF's presence in China, held in Huadu district of Guangzhou from Thursday to Friday.

According to the memorandum, the three parties will leverage their respective strengths to promote collaborative innovation, focusing on cutting-edge technologies and key challenges in the chemical and related fields.

The three parties also aimed to engage more partners to form a broad innovation synergy and actively explore opportunities for cooperation in industrial fields.

As one of the earliest foreign enterprises to enter China, BASF's operations in the country span various sectors, including petrochemicals, performance materials, care chemicals, and nutrition and health.

Huadu, in northern Guangzhou, home to 316 cosmetics manufacturing companies, has become one of the core cluster areas for the cosmetics industry.

Leveraging the district's cosmetics industrial ecosystem, comprehensive industry chain support, and abundant market resources, BASF and local enterprises have vast opportunities for collaboration in the field of cosmetic raw materials, according to the district's government.