Fawad assures PCMA of support for its research, development projects

LAHORE: Federal Minister for Science and Technology Fawad Hussain Chaudhry has assured to support the Pakistan Chemical Manufacturers Association (PCMA) research and development projects to promote manufacturing of indigenous chemical products, which are currently being imported.

PCMA delegation led by Association chairman Abrar Ahmad held a meeting with the Federal Minister for Science and Technology. The meeting was aimed at promoting manufacturing of essential chemicals within the country under "Make in Pakistan Program".

Abrar Ahmad said that the Minister had agreed to fund PCMA research reports and also help complete business plan on naphtha cracker and chlorine chain by allocating US $100,000 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 naphtha cracker.

He further said 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 adding that the Minister had agreed to constitute a committee at Pakistan Council of Scientific and Industrial Research (PCSIR) in collaboration with PCMA to help promote R&D and product development of chemical sector.

Copyright Business Recorder, 2020