Federal Minister for Science and Technology assured to support R and D requirement of the projects proposed by Pakistan Chemical Manufacturers Association : AsiaNet-Pakistan

Federal Minister for Science and Technology assured to support R and D requirement of the projects proposed by Pakistan Chemical Manufacturers Association

September 8, 2020 | | Share:

Lahore, September 08, 2020 (PPI-OT): Mr. Fawad Hussain Chaudhry, Federal Minister for Science and Technology (MOST), has assured to support R and D requirement of the projects proposed by Pakistan Chemical Manufacturers Association (PCMA) for indigenous production of the chemical products, which are currently being imported from abroad by spending huge amount of foreign exchange. PCMA Chairman Mr. Abrar Ahmad, in a press statement issued here today has expressed deep gratitude to Mr. Fawad Chaudhry for his assurance at a meeting with PCMA delegation the other day to promote manufacturing of essential chemicals within the country under Make in Pakistan Program. Mr. Zafar Qidwai, Mr. Zafar Mehmood, Mr. Abdul Hai Khatri, and Mr. Imran Qureshi accompanied Chairman PCMA in this delegation.

Chairman PCMA informed that Mr. Fawad Chaudhry had agreed to fund PCMA research reports and also help complete business plan on Nephtha Cracker and Chlorine Chain by allocating USD100,000 for each. He said that availability of a Naphtha Cracker Complex would enable import substitution and export promotion of the chemicals in Pakistan. But, despite absence of this basic requirement so far, the sector is contributing $747 million in exports. He hoped that the share would be increased manifold after establishment of the Nephta Cracker.

He further informed that PCMA had developed a Plan for import substitution of $5 Billion by 2025 by producing 14 chemical products which are currently being imported from Saudi Arabia, China, UAE, Kuwait and Thailand. In addition, about 28 projects have been proposed for Research and Development, he said and informed that the Minister Fawad Chaudhry had agreed to constitute a Committee in PCSIR in collaboration with PCMA to help R and D and product development of chemical sector.

In a presentation given by PCMA, the Minister was informed that size of the global market of chemicals is around $ 5.7 Trillion basing over 96% of the all manufactured goods on chemicals. Chemical sector is the 4th largest and 3rd fastest growing sector in the international trade. The market size of the chemical industry in Pakistan is around $12 Billion. But, the local chemical industry being at the nascent stage, most of the demand is being fulfilled through imports. Despite being underdeveloped, the local chemical industry is contributing around $7.5 billion in trade deficit and PKR 35 billion in the form of taxes. The sector is also supporting around 400,000 direct and indirect jobs.

For more information, contact:
Pakistan Chemical Manufacturers Association (PCMA)
407-Eden Heights, Jail Road, Gulberg, Lahore, Pakistan
Tel: +92-42-35786867
E-mail: bds@pcma.org.pk
Website: www.pcma.org.pk

Category: English, General Business News