Pakistan Chemical manufacturers association (PCMA) General Secretary and Chief Executive Officer Iqbal Kidwai has urged the government to initiate joint ventures with Saudia Arabia in the petro chemical industry. Saudia has been in the petro chemical industry for a very long time and knows all the big players and procedures. By utilizing the vast experience of Saudia in the field Pakistan can make the domestic industry self-reliant and decrease the import of chemicals. After a recent visit of PM Imran khan to the KSA, Saudi investors have shown keen interest in expanding their investments in Pakistan.
Pakistan’s chemical imports constitute around 17 percent of the total import bill, and Pakistan is spending over $5-6 Billion every year on import of chemicals with an average increase up to eight percent in the coming years. A strong Chemical industry is the foundation of a country’s progress. It converts basic raw materials into more than 70,000 different products not only for industrial use but also for many consumer goods. But due to absence of a Naphtha Petrochem Cracker Complex in the country, down-stream industry of Pakistan is dependent on imports.
Kidwai urged the government to facilitate local investors in terms of soft loans and foreign investors in terms of obtaining land and machinery for production of value-added chemicals in Pakistan.
