The chemicals company BASF SE will begin looking ofr a Korean firm to invest in, on Tuesday as part of the Global Alliance Project Series program, the Ministry of Knowledge Economy announced Monday.

Through the program, the German chemicals giant will present investment plans to local battery and organic light emitting diode makers, and those involved in nano and graphene materials, the ministry said.

The company will then receive applications from Korean firms and conduct reviews to select companies it will invest in. According to the ministry the process will take about one year to complete. The Global Alliance Project Series program is aimed at finding competitive local firms to collaborate with large international companies. In addition to BASF, eight international firms including Qualcomm, Johnson and Johnson and GE have found investment opportunities in Korea, the ministry said.

BASF is the world’s largest chemicals company. The company has been operating in the Korean market since 1954, and its local branch BASF Korea is currently one of the country’s top 10 chemicals firms.

By Choi He-suk (cheesuk@heraldcorp.com)