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Chemical Industry’s Development Can Help Overcome Economic Crisis: Abrar

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LAHORE– The current economic crisis can be overcome by developing chemical industry in the country.

It was stated by the newly elected chairman of Pakistan Chemical Manufacturers Association (PCMA) Abrar Ahmad while addressing the 4th Annual General Meeting of the Association at a local hotel on Thursday.

Mr. Pervez Tanveer Tufail, newly elected Senior Vice Chairman, Mr. Zafar Qidwai, Vice Chairman, Mr. Taimoor Dawood, Outgong Chairman and Mr. Moazzam Rasheed, Outgong Vice Chairman also spoke on this occasion.

Mr. Abrar vowed to lay down a research based strategy for development of chemical industry in Pakistan. He said that the developed countries like Germany, Japan, China and USA had achieved the ultimate goal of economic prosperity by developing chemical sector.

He informed that the chemical imports of Pakistan amounts to over USD 6 billion, which is almost 17% of the total import bill and each year there is an average increase of 7 % on this account.

On the other hand the global chemical industry, at present, is a $4 trillion enterprise, which impacts nearly every sector of the economy, he said adding that the chemical businesses have prime significance in virtually every nation, driving innovation in six continents and supporting more than 20 million jobs, he added.

Unfortunately, due to absence of even a single Cracker Complex, down-stream industry of Pakistan is dependent on imports, he lamented.

Mr. Pervez Tanveer Tufail, Senior Vice Chairman and Mr. Zafar Qidwai, Vice Chairman, speaking on this occasion, expressed determination to work hands in gloves with the Chairman for development of chemical industry in the country.

They emphasized upon the research work to open up the new vistas of investment in Chemical sector. They underlined the need of government-industry and academia collaboration for long term planning to overcome the barriers resisting development of chemical industry in Pakistan.

The outgoing Chairman PCMA Mr. Taimoor Dawood, during his address, assured of the fullest cooperation to the newly elected office bearers for planning and implementing initiatives in development of the chemical industry.

Mr. Iqbal Kidwai, Chief Executive Officer and Secretary General of the PCMA presented the annual audit report for approval on this occasion, which was unanimously approved by the Association Members.— PRESS RELEASE