LAHORE: Pakistan Chemical Manufacturers Association on Friday urged the government to formulate an integrated chemical policy that could contribute in reducing the country’s import...
LAHORE: Pakistan Chemical Manufacturers Association (PCMA) on Friday urged the government to formulate an integrated chemical policy that could contribute in reducing the country’s import bill.
Pakistan chemical industry is currently importing raw materials of more than $10 billion, which surrounds 30 percent of the country’s total import bill, according to PCMA members.
The association also asked the government to take measures for timely import of raw materials.
“Pakistan chemical industry has a market of $20 billion and providing direct and indirect employment to 6 hundred thousand people. An integrated chemical policy with the consultation of all stakeholders is a dire need,” Khalid Pervaiz and Zafar Mehmood, two PCMA members said.
They were addressing a press conference with other officials of the association, including Haroon Ali Khan, Qazi Khalid, and Mansoor Javaid.
PCMA has organised a two-day business-to-business mega event ‘Pakistan Chemical Expo 2023’ (PCE 2023) with a theme of creating new bonds on February 7 to February 8 at Lahore Expo Center, in a bid to create awareness about developments and opportunities in the chemical sector. This would be a second expo by the association.
Domestic and international chemical manufacturers and related stakeholders including traders, technology providers, equipment suppliers and logistic partners, and others shall be exhibiting their products and services in the expo.
More than 70 thousand products are produced with the use of different types of chemicals, and its volume in the global market is close to $6 trillion, PCMA members quoted an estimate in the press conference.
Haroon Ali Khan said PCE 2023 was envisaged to boost business networking and collaboration efforts that could convert into new business avenues. Over 15 reputed international speakers/experts would share the current trends, strategies, and opportunities within the chemical industry, he added.
Khan further stated that by utilising growth opportunities in the sector and reducing the chemical imports, not only the economy of the country could be supported but also the imbalance in foreign payments be improved.
“But despite the importance of the chemical industry, it has not yet been fully exploited in Pakistan,” he lamented, adding that the country’s trade deficit could be reduced with implementation of an integrated chemical policy.
PCMA members urged the government to take steps for supply issues of electricity and gas and provide facilities for the installation of naphtha cracking plants like Thailand and Singapore.
The members reiterated their demands of a comprehensive chemical policy in consultation with all stakeholders, arrangements for timely import of raw material, and establishing a separate business park on 2 to 3 thousand acres for the all chemical related industries.