India will host the prestigious 2-day Asia Petrochemical Industry Conference (APIC), beginning Thursday, which will bring together global leaders from the petrochemical sector to debate on key issues related with growth, trade, investment and sustainability

The development assumes importance as India aspires to be a 5-trillion economy by FY25 further emphasising the key role of petrochemicals and its derivatives, which are an important component of the manufacturing, construction and agriculture sectors.

The Chemicals and Petrochemicals Manufacturers’ Association (CPMA) of India is hosting the 41st edition of APIC 2023 in the national capital. It is hosted on a rotational basis by the seven member countries–Japan, Korea, Malaysia, Singapore, Thailand, Taiwan and India.

Oil Minister H S Puri as well as Minister for Chemicals and Fertilisers Mansukh Mandaviya will be addressing the delegates at the conference, CPMA said.

Department of Chemicals and Petrochemicals Secretary Arun Baroka said “Petrochemicals industry is the mainstay of industrial and agricultural development as it provides building blocks for several downstream industries. It is indeed a great honour for India to host this prestigious conference, at a time, as India is witnessing strong economic recovery, after the pandemic. I am sure this conference would help India in attracting more investment in the sector and establishing it as a leading petrochemicals manufacturing hub.”

CPMA President Kamal Nanavaty, a key member of the Organising Committee, said that APIC brings together leaders in the petrochemical industry not only from the seven member countries but across the world.

“This year, the event will have over a thousand delegates, approximately four hundred of them are overseas participants from over 26 countries. The industry experts will discuss at length how the petrochemical industry can lead the sustainable economic growth going forward,” he added.

Conference objective

The main objective of the conference is to spur discussion and co-operation on the issues of the day being faced by the industry related to growth, trade, investment, and sustainability, in Asia-Pacific and also around the world.

Reliance Industries Executive Director Nikhil Meswani pointed out that petrochemicals are critical for the future growth of new-age manufacturing and nation building. Over the years the sector has almost become synonymous with human desire to improve their quality of life. Its products find applications in health and hygiene, infrastructure, transportation, agriculture, consumer durables and nondurables, textiles, education, paints & coatings, and pharma.

“APIC 2023 is being organized at an opportune time when India is all set to usher in an era of high-tech manufacturing, in which petrochemical products would play an important role”, he added.