“India is poised to be the new destination of petrochemicals, globally. Due to our business friendly policies, the world views India as a trusted partner and priority destination for investment.”
This was stated by Union Minister of Chemicals and Fertliser Dr Mansukh Mandaviya as he presided over the Asia Petrochemical Industry Conference 2023 here today, in the presence of Shri Hardeep Singh Puri, Minister of Housing and Urban Affairs, Petroleum and Natural Gas.
The theme of the event was “Ushering in a Sustainable Future”. Over 1200 delegates from seven member nations as well as participants from Europe, China, America, Mid East and other Asian Countries, other senior government officials of key nations as well as regional and global partners participated in the conference.
Recalling and reiterating the clarion call by Hon. Prime Minister on Make in India and Make for World, Dr Mansukh Mandaviya said that the Indian chemical manufacturing industry has truly been one of the emerging Global Manufacturing Hub for Petrochemicals.
He further added, “Petrochemical product has become part of our daily life. Today, India is promoting ease of doing business as Indian government is industry friendly government by minimising government’s interference and through various other measures such as reduction to incorporate tax, reduction in compliance burden and by policy changes.
India is committed to becoming a trusted partner in the world in global supply chain of chemicals and petrochemicals.”The Union Health Minister emphasized that this is the best time to invest in India with such a huge population. “India, itself is a big market to invest.
We are making way for free trade agreements with many countries, the ability of Indians to adopt new technologies, new emerging skilled entrepreneur can give new energy to every global partner. The government is working effortlessly on policies to attract investment from domestic and foreign sources to address the major issue of availability of petrochemical.
Government has made important necessary changes such as production linked incentive scheme for chemicals and also proposed the manufacturing of difficult and strategic chemicals intermediates in India.” He added that India also provides an opportunity for easy import and export. It provides a win-win situation for foreign countries for joint ventures.
Elaborating on the government’s long-term plan for next 25 years, i.e., Amrit Kaal, Dr Mansukh Mandaviya highlighted that India is drafting policies, taking decisions with regard to present and future with a focus on making sustainable development.
“Recently, the government of India has launched the ambitious Gati Shakti scheme or National Master Plan for multi-modal connectivity plan, with the aim of coordinated planning and execution of infrastructure projects to bring down logistics costs.
It is a major scheme where petrochemical products will be used. This will give a new impetus and seamless connectivity for movement of goods, people and services. The future growth trajectory of the petrochemical industry is likely to be significantly higher.
We are focussing on making affordable and improved life-cycle petrochemical products, which will help in reducing carbon footprint”. He further stressed on the need for all stakeholders to work in a sustainable manner.
The industries need to follow the path of reclaim, reuse and recycle which will help in sustainable development”, he added.Shri Hardeep Puri, Minister of Housing and Urban Affairs, Petroleum and Natural Gas highlighted on how the new, resilient and Atmanirbhar India is making progress in the field of petrochemical industry.
The Asia Petrochemical Industry Conference (APIC) is a broad-based petrochemical industry conference with membership from seven partner countries – India, Japan, Korea, Malaysia, Singapore, Taiwan and Thailand.
The affiliation is through their respective trade bodies:
India (CPMA) – Chemicals and Petrochemicals Manufacturers’ Association
Japan (JPCA) – Japan Petrochemical Industry Association
Korea (KPIA) – Korea Petrochemical Industry Association
Malaysia (MPA) – Malaysia Petrochemical Association
Singapore (SCIC) - Singapore Chemical Industry Council
Taiwan (PAIT) - Petrochemical Industry Association of Taiwan
Thailand (FTIPC) - Petrochemical Industry Club the Federation of Thai Ind.
Established 40 years ago in 1979 by Japan, Korea and Taiwan as the East Asia Petrochemical Industry Conference (EAPIC), it was rechristened as Asia Petrochemical Industry Conference (APIC) in 2000 with the inclusion of India, Malaysia, Singapore and Thailand. APIC is hosted annually on a rotational basis by the partner Country Associations.