ISLAMABAD
\nAdviser to Prime Minister on Commerce , Abdul Razak Dawood on Thursday said the petrochemical sector was a dynamic and potential sector that could play a pivotal role in meeting needs of the domestic industrial sector.
\nThe adviser said this while addressing Pakistan\u2019s first ever Petrochemical symposium organized by Corporate Pakistan Group here. \u201cThe petrochemical sector can play a significant role in the economic development of the country, which can help in the growth of various sectors, including the Agriculture and energy,\u201d he said.
\nThe symposium is supported by Board of Investment, Pakistan, OICCI, Pakistan Business Council, PCMA. Razak Dawood said the government was ready to provide all possible facilities to increase production in the petrochemical sector.
\nHe said that there was ample scope for growth in the petrochemical sector due to the partnership between the industrial sector and the public sector and the government would extend full cooperation. He said that the government would provide all possible opportunities for all kinds of investments in petrochemicals and would welcome investors in the sector.
\nThe adviser said that the government was now moving from traditional to non-traditional sectors in trade which would boost the country\u2019s exports. He said that the export market in textile was not very big in the world, and the export potential was equal to $1 trillion , while the non-traditional sector had more export potential.
\nThe adviser said that Information Technology, agriculture, Oil and steel and petrochemicals had huge export potential in the global market. He said that the government wanted to increase domestic exports through import substitution by focusing on the sectors.
\nDue to which, the government had significantly reduced the duty in these sectors through tariff rationalization, he said. He said that there had been a significant reduction in the duty structure and which would help the industry to make Competitive products for the international market.
\nHe said that \u201cwe used to import mobiles but now mobile manufacturing in the local market will lead to mobile exports and there will be a significant reduction in mobile imports.\u201d He said that the government would formulate a good policy which would help the industry a lot and increase the country\u2019s exports. He said that the government was moving towards export led growth andat one time we had become a trading nation.
\nThe speakers at the symposium highlighted the potential of this segment and urged the government to give a well thought out long term and transparent policy to attract utilize the mega investment in Petrochemical sector to create jobs and provide imports substitution to help save forex reserves.
\nThe experts and government functionaries while speaking at the inaugural session of the symposium titled \u2018Petrochemicals a game changer\u2019 spoke at length about the economy of Pakistan and how it benefited through large scale industrialization.
\nMuhammad Azfar Ahsan, Chairman Board Of investment said \u2018Petroleum policy of Pakistan is in its final stages. Implementation of this policy will bring investment of US $3 billion in near future. He said only by setting up the Naphta cracker plant we might get import substitution to the tune of US $ 800 million and create 50,000 direct and indirect jobs. <\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD Adviser to Prime Minister on Commerce , Abdul Razak Dawood on Thursday said the petrochemical sector was a dynamic and potential sector that could play a pivotal role in meeting needs of the domestic industrial sector. The adviser said this while addressing Pakistan\u2019s first ever Petrochemical symposium organized by Corporate Pakistan Group here. \u201cThe […]<\/p>\n","protected":false},"author":2,"featured_media":249992,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[1269,5062,5063,5064],"class_list":{"0":"post-249964","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","8":"tag-economic-growth","9":"tag-petrochemical-sector","10":"tag-pivotal-role","11":"tag-razak-dawood"},"yoast_head":"\n