Pakistan’s first petrochemical symposium is scheduled to take place on Thursday at a local hotel in Islamabad. It is being organized by the Corporate Pakistan Group and Association of Certified Chartered Accountants, with the support of the Overseas Investors Chamber of Commerce and Industries, Board of Investment, Pakistan Business Council and Pakistan Chemical Manufacturers Association.
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The idea behind the symposium is to start a dialogue and generate interest in developing the petrochemical industry in Pakistan. The day’s agenda is packed with a panel of experts, including policymakers and corporate sector professionals, who will deliberate on the way forward for the petrochemical industry and how it can lead to exponential economic growth for Pakistan.
Kicking off the symposium, Board of Investment Chairman & Minister of State, Azfar Ahsan, and Overseas Investors Chamber of Commerce & Industry’s President, Ghias Khan, will talk about the immense potential of petrochemical industry in Pakistan. This session will be followed by the Korean Ambassador, Suh Sangpyo, sharing Korea’s success and lessons that Pakistan can learn to promote petrochemicals as a catalyst for mega industrialization. Federal Ministers Hammad Azhar, Shaukat Tarin and Asad Umar and others will speak on a range of topics – from investment and economic growth to petrochemicals being a real game-changer for Pakistan.
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State Bank of Pakistan’s Deputy Governor Sima Kamil is set to address a session on ‘Enabling investments in petrochemicals’, while Special Assistant to the Prime Minister on CPEC Affairs Khalid Mansoor will talk about the framework required for petrochemical investments. The day-long symposium will also be live streamed on ProPakistani and other platforms.
Need of the hour There is an urgent need to develop the petrochemical industry in Pakistan. Currently, the country has significant reliance on petrochemical imports, which provide raw materials for more than 20 industries including food packaging, cars, appliances, construction, paints and pharmaceuticals. Thus, a vibrant petrochemical industry in Pakistan will play a key role to help achieve import substitution, promote export-led growth and become an industrialized nation. Pakistan is at a disadvantage owing to an underdeveloped petrochemical sector, with petrochemicals accounting for 5% of the country’s total import bill. However, this sector offers tremendous opportunities for investment to support the sustainable economic growth of Pakistan.
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From the industry’s investment potential to sustainable economic growth for the country, the symposium will shed light on the need for a concrete policy framework for the petrochemical industry in Pakistan.
