The Secretary General of Pakistan Chemical Manufacturers Association (PCMA) Syed Iqbal Kidwai has said that the chemical industry of Pakistan is being consistently neglected by the government. Despite huge potential of growth and creating surplus for exports, chemical industry is not being given due importance at the time of formation of policies and announcing relief packages.
While comparing Pakistan to the international markets he said that our naphtha (feedstock) has been selling on throw-away prices and not a single Naphtha Cracker Complex could be established in Pakistan as of today.
On the contrary, he said that India had established 9 crackers, Iran despite challenging sanctions had put in place 8, Singapore without even having any feedstock had established 8 state-of-the art petrochemical complexes.
He complained that a large sum of tax refund of the member companies was due from the government’s end. After a cumbersome procedure when the a tax refund, was established the payment got stuck in FBR Islamabad waiting go ahead from the government to release funds.
A few months ago, the government had released Rs 8 billion for tax refund which were all spent on settling refunds of export oriented sectors but still the chemical industry was ignored which is creating existential problems for businesses due to which many are considering closing shop.
