31 Mar 2023, Edition - 2817, Friday
“SABIC in India, for the World”; Excited to Partner in On-going Journey of Growth, Says Al-Benyan, VC&CEO, SABIC
October 5, 2018
Business Wire India India’s chemical industry is an important enabler of the growth in India and is projected to reach USD $300 billion by 2025 at a compounded annual growth rate of 8-10%, according to reports. “We at SABIC look forward to being a part of this growth journey,” said Mr. Yousef Abdullah Al-Benyan, Vice Chairman and CEO, SABIC.
“India and Saudi Arabia are nations on the move. We both have economies with enormous potential. This potential is being unlocked by two new visions that represent the hopes and aspirations of the people in India and of Saudi Arabia – the Saudi Vision 2030 and Hon’ble Prime Minister Narendra Modi’s vision of ‘New India 2022”, he said at his keynote address at the inaugural session of India Chem 2018 – 10th Biennial International Exhibition & Conference in Mumbai.
The inaugural address was in the presence of Shri. Nitin Gadkari, Hon’ble Minister, Ministry of Road Transport & Highways, Ministry of Shipping, Ministry of Water Resources, River Development and Ganga Rejuvenation, Govt. of India; and Mr. P Raghavendra Rao, Secretary, Department of Chemicals & Petrochemicals, Ministry of Chemicals and Fertilizers, Govt. of India, among other senior industry leaders.
“I am very impressed with India’s double-digit growth in the petrochemicals industry over the last decade,” said Mr. Al-Benyan while addressing the audience that also comprised of key government and industry stakeholders. “We at SABIC look earnestly forward to being a part of this growth journey,” he added. As part of this address, Mr. Al-Benyan also lauded the close trade and diplomatic relations between India and Saudi Arabia. “Given that SABIC has been present in India for more than 25 years, we are confident in terms of understanding the Indian market and being able to generate value for all stakeholders, the Government, our customers and business partners. We acknowledge the opportunities in India, and positively hope to continue strengthening our footprint and partnerships here,” he added.
Mr. Al-Benyan further indicated that SABIC continues to contribute significantly towards Indian Government’s agenda of Make in India, through innovation and technology. “SABIC takes pride in the partnership with the Government and continues to leverage its global experience and world-class infrastructure towards building a strong Petrochemical ecosystem in India,” he added.
SABIC in India covers all three of the company’s Strategic Business Units – Petrochemicals – including chemicals and polymers — Agri-Nutrients, and Specialties.
“We are very much aligned with the motto of ‘Make in India’.”Mr. Al-Benyan shared his suggestions on how future challenges could be addressed with sustainable growth that includes:
“Petrochemical are essential to the production of all of these products. It is only by preparing for this emerging marketplace that we can grow sustainably and create value for India and for the world.”
- Electric-powered vehicles;
- Planes, trains and automobiles made from lighter, yet stronger, materials;
- More energy efficient buildings;
- Packaging that keeps food fresher for longer – reducing spoilage and waste;
- Advanced fertilizers that can produce more food on the same amount of land.
SABIC in India is aligned with the Government in regards to the sustainability vision and is collectively making positive progress. With an investment of more than USD $100 million in the Technology & Innovation Center in Bengaluru – one of the largest investments in India by a Saudi company, the focus has been to build research competencies to support growing market needs in India and SABIC worldwide. The Bengalurucenter comprises of more than 300+ research scientists and engineers driving innovation and highest sustainable standards in manufacturing for India and for the world.
SABIC in India has also collaborated with country’s premier Government institutions like the Central Institute of Plastics Engineering and Technology and the Council of Scientific and Industrial Research to make positive progress together.