LAHORE – Leading manufacturers in Pakistan’s chemical industry believe that a coherent and effective policy is needed to play its due role in reviving the ailing economy.
Bin Rasheed’s CEO Moazzam Rasheed said Pakistan’s chemical sector has a huge potential but, due to the absence of an effective chemical policy, it is usually underinvested.
The industry has a huge potential which could be utilized for bridging the ever-increasing trade deficit through import substitution and increasing exports, Rasheed said this while briefing the media about an upcoming three-day mega exhibition “Pakistan Chemical Forum” scheduled to be held at Expo Centre Lahore between May 18 to May 20.
Pakistan Chemistry Council and B2B Media (Pvt) Limited are jointly organizing the event. The show is serving as the biggest trade platform to showcase chemicals, raw materials, plants & machinery, analytical equipment and finished products.
It aims at providing a platform for industry-academia linkage and also serves as a milestone step for enhancing the exports of Pakistan in general, and image building of the country at the international level in particular. The trade show and conferences cover a wide scope through focus themes. Minister for local government Ibrahim Hassan Murad will inaugurate the event.
A vast range of products from local and foreign companies from paint, footwear, construction, sealants, total lab solution provider for analytical instruments, consumables and testing services to various other products will be displayed at more than 250 stalls.
It is expected that more than 120 delegates from Europe, Japan, China and the Middle East will attend the exhibition. Seminars and conferences will also be part of this show where participants will get a chance to attend presentations of key personnel from industry and academia.
A new concept of ChemSMART will be introduced. The basic concept behind the smart startups’ program is that new graduate will present their innovative ideas to the business leaders in the relevant field during Pakistan Chemical Forum.
Flanked by organizers of the event, Moazzam Rasheed has urged the government to facilitate setting up the first naphtha cracker in the country to reduce reliance on imports.
“It will help reduce trade deficit through import substitution and then export of the finished products. Yes, it is a project needing billions of dollars in investment. Government can either execute the project through a consortium or under CPEC”, he said, adding that the project can attract foreign direct investment and generate thousands of jobs.
He said that political stability is key to attracting FDI and encouraging local enterprise investors to spend money on projects of national interests.
The chemical industry is one of the fastest-growing sectors in the world, with a market of approximately $4 trillion with over 70,000 products.
The global chemicals market expanded from $4700.13 billion in 2022 to $5079.29 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%.
Experts believe that a wise policy for the chemical sector could help replace imports through domestic production.
