CII's summit on chemical industry to begin from tomorrow

Mumbai, Sep 18 (UNI) The Confederation of Indian Industry (CII) has organised a two-day summit ''The Road Ahead'', beginning here tomorrow.

A CII release said according to its study, the industry has the potential of growing to US dollars 100 billion from the present 30 billion USD by 2010.

The objective before the sector is to enhance the present share of 1.9 per cent of the global chemical trade to 3.1 per cent. The present global market for chemicals is worth USD 1.5 trillion. The current growth rate of the sector makes one optimistic of the potential for this sector. At present, this sector is on the forefront of achieving the desired growth rates targetted for the manufacturing sector in the country.

In the Indian context, the chemical sector encompasses all the three areas namely basic, speciality and knowledge. Significant opportunities are available in tapping the low cost advantage India provided by virtue of availability of its skilled technical manpower which has prompted various global giants to make significant investments by setting up dedicated R&D centres in the country, the release said.

The Indian chemical industry also provides ample scope for both collaboration and outsourcing opportunities for these global giants.

Against this backdrop, the summit has been organised to decide on the future focus of these sectors and identify the emerging challenges.

Some of the speakers for the summit include Satwant Reddy, secretary, Department of Chemicals and Petrochemicals, Prasad Chandran, CMD, BASF India Ltd and Kamal Nanavati, COO and president, Craqcker&Petro, Reliance Industries.

A separate session would look at the financing and the risk coverage avenues available for this environmentally sensitive industry. It would also explore prospects of promoting FDI in this sector.

The second day of the summit is reserved exclusively to provide sectoral perspectives from the user sectors. which would spell out the expectations they have from this sector. In the valedictory session, the issue of recent FTAs, which are gaining currency in the global business environment would be dealt with, the release added.

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