Chemical Industry seeks Govt support for growth

Lahore: Chemical industry representatives on Saturday called on the government to support the sector's efforts to play a more significant role in reviving Pakistan's ailing economy.

Speaking at a press conference held at the Lahore Press Club, Moazzam Rasheed, CEO of Bin Rasheed, emphasized the enormous potential of the industry in bridging the ever-increasing trade deficit through import substitution and increasing exports.

Rasheed briefed the media about the upcoming three-day mega exhibition, Pakistan Chemical Forum, which is set to be held at Expo Centre Lahore from May 18 to May 20. The event is being jointly organized by the Pakistan Chemistry Council and B2B Media (Pvt) Limited. The show aims to serve as the biggest trade platform to showcase chemicals, raw materials, plants & machinery, analytical equipment, and finished products.

The exhibition will provide a platform for industry-academia linkage and is expected to serve as a milestone step for enhancing exports of Pakistan in general, and image-building of the country at the international level in particular. The trade show and conferences will cover a wide scope through focus themes, with Minister for Local Government Ibrahim Hassan Murad set to inaugurate the event.

The mega-exhibition will feature more than 250 stalls displaying a vast range of products from local and foreign companies, including paint, footwear, construction, sealants, total lab solution providers for analytical instruments, consumables, and testing services, among others.

More than 120 delegates from Europe, Japan, China, and the Middle East are expected to attend the exhibition. Seminars and conferences would also be part of this show, where participants would have a chance to attend presentations from key personnel from the industry and academia.

During the event, a new concept called ChemSMART would be introduced. The program's basic concept was that new graduates would present their innovative ideas to business leaders in the relevant field during the Pakistan Chemical Forum.

Moazzam Rasheed urged the government to facilitate setting up the first naphtha cracker in the country to reduce reliance on imports. "It will help reduce the trade deficit through import substitution and then export of the finished products. Yes, it is a project needing billions of dollars of investment. The government can either execute the project through a consortium or under CPEC," he said.

Rasheed believed that the project could attract foreign direct investment and generate thousands of jobs. However, political stability is essential to attract FDI and encourage local enterprise investors to spend money on projects of national interest.

The Pakistan Chemical Forum is expected to provide a significant boost to the country's chemical industry, allowing it to play a vital role in revitalizing the economy and increasing exports.