PCMA for taskforce to tap investment

LAHORE: The Pakistan Chemical Manufacturers Association (PCMA) on Monday urged the forthcoming government to include the chemical industry in its first 100 days development plan, and form a taskforce to tap foreign investment offers to establish crude-naphtha cracker petrochemical complex.

PCMA Secretary General Iqbal Kidwai in a statement on Monday said after the investment offers from UAE and China, a proposition had also been discussed with South Korea’s Lotte Chemical.

He appreciated the services of Adnan Iqbal, Commercial Counsellor in the embassy of Pakistan in Seoul, who met with Lotte Chemical. He said that the newly elected government could easily put a feather in their hat by just patronising the establishment of a petrochemical complex.

PCMA secretary general further informed that the chemical imports of Pakistan amounted to over $14 billion, which was almost 17 percent of the total import bill. “Each year there is an average increase of seven percent on this account,” he added.