Adviser to the Prime Minister on Commerce Abdul Razak Dawood Thursday said that the petrochemical sector can play a significant role in the economic development of the country.
Speaking at Pakistan’s first-ever petrochemical symposium, organized by the Corporate Pakistan Group, the adviser said that the petrochemical sector can help in the growth of various sectors, including agriculture and energy.
He said that the petrochemical and steel sector is the mother of all industries and Pakistan has to structure tariffs, duties, and taxes for setting up a progressive and successful petrochemical industry.
Dawood further said that Pakistan needs to set up industries that facilitate in reduction of imports. He said that the country should not rely on only textile exports and it needs to find alternate export sectors to progress. He mentioned that textile sector exports are growing at 35 percent whereas exports of the IT sector are increasing at 74 percent.
Speaking on the occasion, Chairman Board of Investment Muhammad Azfar Ahsan said, “Petroleum policy of Pakistan is in its final stages. Implementation of this policy will bring an investment of $3 billion in the near future. Only by setting up the naphtha cracker plant we may get import substitution to the tune of $800 million and create 50,000 direct and indirect jobs.”
Special Assistant to the Prime Minister on CPEC Affairs Khalid Mansoor while speaking at the symposium said, “Pakistan imports approximately $3 billion petrochemical products and their demand is increasing. Pakistan needs $4 billion to set up a petrochemical plant. He revealed that China’s investors are also interested in making investments in Pakistan’s petrochemical sector.”
Mansoor further said that Pakistan needs industrialization for progress. “We have to devise a strategy to reduce imports and increase exports. This will help in job creation at a massive level,” he added.
Overseas Investors Chamber of Commerce & Industry (OICCI) President Ghias Khan while expressing his views said, “Pakistan and Bangladesh are the only two countries of the region devoid of any petrochemical industry. The plastic industry is vital as plastic is used in various sectors including automobiles, health and telecom. The consumption of petrochemical products in Pakistan has reached a level where we are required to set up a huge petrochemical plant. To achieve this goal, we need the same incentives and protection which are provided to the textile sector. Pakistan needs to develop a long-term incentive-based petrochemical policy.”
The petrochemical symposium concluded with a commitment that the government and private sector will work together to set up the petrochemical industry in Pakistan.
