Still being in the midst of the pandemic, we do not expect a fast recovery of markets and a quick return to normal. In fact, we see a “new normal” arising with far more digital applications, virtual communication, and remote solutions. In our view, the pandemic not only sped up digitalization but also the trends towards a bipolar world with the two centers of power being China and the United States.
The new Asian agreement Regional Comprehensive Economic Partnership (RCEP) which reflects a third of global trade is a strong step into this direction. Other important trends which affect our business is the increasing demand of sustainable solutions, be it by CO2 reduced emissions, nutritious and healthy food, or clean mobility.